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 sign 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
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
Last month, the price struggled at a support level of $35,000.
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.
With this new data, bulls continue to hold a strong grip on the market. Many bulls believe that $50,000, a new
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% pullback 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.
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