‘Insane’ Bitcoin price consolidation means $48K is the new BTC support level

‘Insane’ Bitcoin price consolidation means $48K is the new BTC support level
‘Insane’ Bitcoin price consolidation means $48K is the new BTC support level

‘Insane’ Bitcoin price consolidation means $48K is the new BTC support level

'Insane' Bitcoin price consolidation means $48K is the new BTC support level

Bitcoin (BTC) has seen “unreal” price consolidation since the start of February 2021 — and fundamental support is now at $48,000.

According to on-chain monitoring resource Glassnode, the second month of the year has been a formative period for Bitcoin like no other.

$35,000 Bitcoin? So last month

Discussing the current state of the Bitcoin network, co-founders Yann Allemann and Jan Happel said that many price indicators had been allowed a “reset” in February.

“The amount of consolidation Bitcoin has seen since January is unreal. It really allowed fundamentals to catch up and indicators to reset,” they wrote in a tweet on Feb. 17.

“Looks like $48k is the new $35k now.”
'Insane' Bitcoin price consolidation means $48K is the new BTC support level
BTC/USD volume chart with support levels marked. Source: Glassnode/ Twitter

The buoyant perspective adds fuel to the bulls hoping that $50,000, a level Bitcoin took for the first time this week, will form a solid foundation without a major correction.

Despite wobbling around the $50,000 mark, any drops were quickly bought up, indicating solid buyer support in place at higher levels regardless of the pace of price gains or any negative external narrative surrounding Bitcoin.

“Under capital flow models, it would take a black swan to break $36k on a daily close,” statistician Willy Woo added in response to the Glassnode findings.

He described Bitcoin’s current position as being in the “middle phase” of a bull market.

Saylor: No more 80% pullbacks

Allemann and Happel were meanwhile not alone. In his latest appearance on the podcast series from “The Bitcoin Standard” author Saifedean Ammous at the weekend, Michael Saylor, CEO of MicroStrategy, claimed that Bitcoin would not see another 80% price pullback like in 2018.

“The volatility is not the same; if you look at the drawdowns, they’re not the same,” he told Ammous.

“Like when Bitcoin ran up to $40,000 and traded back down to $30,000, that was a 25% retracement, not an 80% retracement.”

As Cointelegraph reported, MicroStrategy plans to purchase another $900 million of BTC in the short term as per an announcement this week.

Title: ‘Insane’ Bitcoin price consolidation means $48K is the new BTC support level
Sourced From: cointelegraph.com/news/insane-bitcoin-price-consolidation-means-48k-is-the-new-btc-support-level
Published Date: Thu, 18 Feb 2021 12:00:00 +0000

2021’s Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

‘Insane’ Bitcoin price consolidation means $48K is the new BTC support level

‘Insane’ Bitcoin price consolidation means $48K is the new BTC support level was originally published here https://topnewsscoop.wordpress.com/2021/02/18/insane-bitcoin-price-consolidation-means-48k-is-the-new-btc-support-level/
‘Insane’ Bitcoin price consolidation means $48K is the new BTC support level was originally published here https://teresaperez0.blogspot.com/2021/02/insane-bitcoin-price-consolidation.html

Author: Teresa Perez

I am known as Teresa Perez, I am a writer and an industrialist by profession. My age is 33 years. My aim is to gather the attention of the targeted audience without being boring and unexciting. I like to utilize the free time in writing my views and thoughts for my book lovers or readers. My most preferred articles are usually about services and business; however, I have written various topics in my articles. I do not have a specific genre. I get very creative when I have to express myself, I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.