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$48K Is the New BTC Support Level, Glassnode Data Shows

Since December last year, the price of Bitcoin has seen unbelievable gain with consolidation continuing into the start of February 2021. Fundamental support is now at $48,000.

The bull run since the end of 2020 is showing no signs of stopping soon. However, the price has been subject to minor corrections following the coin has it established new ATHs one after the other. In the short-term, it is likely that the price of BTC will see a brief fall.

At 22:21 GMT on Thursday, the price of BTC was $51,925, losing 0.91% in the last 24 hours.

$48k is the new $35k

According to on-chain monitoring resource, Glassnode, February has been instrumental in shaping the king cryptocurrency.

Last month, the price struggled at a support level of $35,000. Co-founders of Glassnode, Yann Allemann and Jan Happel said that many price indicators had been allowed a “reset” in February. They said in a tweet on February 17:

The amount of consolidation Bitcoin has seen since January is unreal. It really allowed fundamentals to catch up and indicators to reset. Looks like $48k is the new $35k now.

Glassnode data on consolidation

With this new data, bulls continue to hold a strong grip on the market. Many bulls believe that $50,000, a new all-time Bitcoin reached earlier in the week, will form a solid foundation to kickstart a new bull run without major price corrections.

All drops from $50k this week have been quickly resuscitated. Indicating solid buyer support in ensuring that price remains at higher levels. Also showing that positive sentiment toward the coin remains high.

Willy Woo said in response to the Glassnode data:

Under capital flow models, it would take a black swan to break $36k on a daily close

To Woo, Bitcoin is still in the middle phase of the bull market.

Michael Saylor also shares this sentiment. On podcast series with The Bitcoin Standard author, Saifedean Ammous, Saylor noted that Bitcoin would not see another 80% pull back like in 2018.

The volatility is not the same; if you look at the drawdowns, they’re not the same. Like when Bitcoin ran up to $40,000 and traded back down to $30,000, that was a 25% retracement, not an 80% retracement.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© IbrahimAnifowoshe for Commodity Blog, 2021. | Permalink | No comment |
Published under: Bitcoin

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