New support in Bitcoin price is 48 thousand dollars

Bitcoin (BTC) has seen an incredible price consolidation since the beginning of February 2021 and the key support level is $ 48k.

On-chain monitoring source According to Glassnode’s data The second month of this year has allowed Bitcoin to take shape in a way that has not been seen before.

New support is 48 thousand dollars

Addressing the current state of the Bitcoin network, co-founders Yann Allemann and Jan Happel said that most price indicators were readjusted in February.

Bitcoin Price Index: 1 Bitcoin How Many TL? (BTC TL)

“The period of consolidation that Bitcoin has seen since January is incredible. It has given the opportunity to catch the price and readjust the indicators,” the co-founders announced in their February 17th post.

“48 thousand dollars seems to be the new 35 thousand dollars.”

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

This perspective encourages bulls who hope that $ 50k, which Bitcoin broke through for the first time this week, will form a solid foundation without a major correction.

Statistics expert Willy Woo said in response to Glassnode’s findings, “Judging by the capital flow patterns, a black swan event will have to happen to drop below $ 36,000 at the daily close.” he stated.

Woo suggested that Bitcoin is currently in the “mid-stage” of the bull market.

MicroStrategy CEO Michael Saylor also thinks that the Bitcoin price will not drop by 80 percent as in 2018.

Saylor stated, “The fluctuation is not the same” and added:

“When Bitcoin rose to $ 40,000 and fell to $ 30,000, the decline was 25 percent, not 80 percent.”

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