‘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 – primary support is now at $ 48,000.

According to the monitor supplier on the chain glassThe second month of the year was a formative period for Bitcoin like no other.

$ 35,000 Bitcoin? So last month

While discussing the current state of the Bitcoin network, co-founders Yann Allemann and Jan Happel said that several price indices were allowed to “reset” in February.

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

“It looks like $ 48,000 is $ 35,000 new now.”

BTC / USD volume chart with support levels identified. Source: Glassnode / Twitter

The booming outlook is adding fuel to the bulls hoping that $ 50,000, the level Bitcoin first took this week, will form a solid foundation without a major correction.

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

“According to capital flow models, it takes a black swan to break $ 36,000 at the daily close,” statistician Willie Wu Added In response to Glassnode’s results.

Bitcoin is described as being in the “middle stage” of a bull market.

Saylor: No more pullbacks of 80%

Meanwhile, Germans and Abel were not alone. In his most recent appearance on the podcast series of “The Bitcoin Standard” Saifedean Ammous over the weekend, Michael Saylor, CEO of MicroStrategy, claimed that Bitcoin will not see another 80% price drop as in 2018.

“Volatility is not the same; if you look at the pullbacks, it is not the same,” Lammous said.

“As when bitcoin hit $ 40,000 and traded down to $ 30,000, it was a 25% retracement, not an 80% retracement.”

As Cointelegraph reported, MicroStrategy is planning to buy another $ 900 million in BTC in the short term according to this week’s announcement.