Bitcoin (BTC) has seen an “unreal” price consolidation since the beginning of February 2021 – and the fundamental support now amounts to $ 48,000.
According to on-chain monitoring resource Glass knot, the second month of the year was a formative period for Bitcoin like no other.
$ 35,000 Bitcoin? So last month
The co-founders, Yann Allemann and Jan Happel, discussed the current state of the Bitcoin network and said that many price indicators allowed a ‘reset’ in February.
“The amount of consolidation Bitcoin has seen since January is unreal. It has allowed fundamental factors to catch up and recover indicators,” they wrote in a tweet on February 17.
“$ 48,000 now looks like the new $ 35,000.”
The lively prospect is fueling the bulls in the hope that $ 50,000, a level that Bitcoin took for the first time this week, will form a solid base without a major correction.
Despite the $ 50,000 round, any declines were bought up quickly, indicating good support from buyers at higher levels, regardless of the rate of price increases or any negative external story surrounding Bitcoin.
“According to capital flow models, a black swan will be needed to break $ 36,000 daily,” said 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% setbacks
Allemann and Happel, meanwhile, were not alone. Michael Saylor, CEO of MicroStrategy, in the latest appearance of Saifedean Ammous, author of “The Bitcoin Standard”, claimed this weekend that Michael Saylor, CEO of MicroStrategy, claims that Bitcoin will not have an 80% prestige again. see as in 2018.
“The volatility is not the same; if you look at the disadvantages, it is not the same,” he told Ammous.
“Like when Bitcoin went up to $ 40,000 and fell back to $ 30,000, it was 25% retracement, not 80% retracement.”
As Cointelegraph reports, MicroStrategy plans to purchase another $ 900 million BTC in the short term, according to an announcement.