{"id":181644,"date":"2021-02-18T15:00:00","date_gmt":"2021-02-18T12:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/insane-bitcoin-price-consolidation-means-48k-is-the-new-btc-support-level\/"},"modified":"2021-02-18T15:00:00","modified_gmt":"2021-02-18T12:00:00","slug":"insane-bitcoin-price-consolidation-means-48k-is-the-new-btc-support-level","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/insane-bitcoin-price-consolidation-means-48k-is-the-new-btc-support-level\/","title":{"rendered":"# &#8216;Insane&#8217; Bitcoin price consolidation means $48K is the new BTC support level"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4153999a8a0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4153999a8a0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/insane-bitcoin-price-consolidation-means-48k-is-the-new-btc-support-level\/#35000_Bitcoin_So_last_month\" >$35,000 Bitcoin? So last month<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/insane-bitcoin-price-consolidation-means-48k-is-the-new-btc-support-level\/#Saylor_No_more_80_pullbacks\" >Saylor: No more 80% pullbacks<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># &#8216;Insane&#8217; Bitcoin price consolidation means $48K is the new BTC support level <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) has seen &#8220;unreal&#8221; price consolidation since the start of February 2021 \u2014 and fundamental support is now at $48,000.<\/p>\n<p>According to on-chain monitoring resource <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Negentropic_\/status\/1362062089829908482\">Glassnode<\/a>, the second month of the year has been a formative period for Bitcoin like no other.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"35000_Bitcoin_So_last_month\"><\/span>$35,000 Bitcoin? So last month<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Discussing the current state of the Bitcoin network, co-founders\u00a0Yann Allemann and Jan H<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>el said that many price indicators had been allowed a &#8220;reset&#8221; in February.<\/p>\n<p>&#8220;The amount of consolidation Bitcoin has seen since January is unreal. It really allowed fundamentals to catch up and indicators to reset,&#8221; they wrote in a tweet on Feb. 17. <\/p>\n<blockquote><p>&#8220;Looks like $48k is the new $35k now.&#8221;<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/b66279a6-8d0c-4cd3-a87f-7f202b743a1d.jpeg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD volume chart with support levels marked. Source: Glassnode\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>The buoyant perspective adds fuel to the bulls hoping that $50,000, a level Bitcoin took for the first time this week, will form a solid foundation without a major correction.<\/p>\n<p>Despite wobbling around the $50,000 mark, any drops were quickly bought up, indicating solid buyer support in place at higher levels regardless of the pace of price gains or any negative external narrative surrounding Bitcoin.<\/p>\n<p>&#8220;Under capital flow models, it would take a black swan to break $36k on a daily close,&#8221; statistician Willy Woo <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1362358818445791233\">added<\/a> in response to the Glassnode findings.<\/p>\n<p>He described Bitcoin&#8217;s current position as being in the &#8220;middle phase&#8221; of a bull market.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Saylor_No_more_80_pullbacks\"><\/span>Saylor: No more 80% pullbacks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Allemann and Happel were meanwhile not alone. In his latest appearance on the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/episodes.castos.com\/5ffc6bf0bf71b5-21733898\/34.-Michael-Saylor-on-The-Fiat-Standard.mp3\">podcast series<\/a> from &#8220;The Bitcoin Standard&#8221; author Saifedean Ammous at the weekend, Michael Saylor, CEO of MicroStrategy, claimed that Bitcoin would not see another 80% price pullback like in 2018.<\/p>\n<p>&#8220;The volatility is not the same; if you look at the drawdowns, they&#8217;re not the same,&#8221; he told Ammous.<\/p>\n<blockquote><p>&#8220;Like when Bitcoin ran up to $40,000 and traded back down to $30,000, that was a 25% retracement, not an 80% retracement.&#8221;<\/p><\/blockquote>\n<p>As Cointelegraph reported, MicroStrategy plans to purchase another $900 million of BTC in the short term as per an announcement this week.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/insane-bitcoin-price-consolidation-means-48k-is-the-new-btc-support-level\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# &#8216;Insane&#8217; Bitcoin price consolidation means $48K is the new BTC support level &#8221; Bitcoin (BTC) has seen &#8220;unreal&#8221; price consolidation since the start of February 2021 \u2014 and fundamental support is now at $48,000. According to on-chain monitoring resource Glassnode, the second month of the year has been a formative period for Bitcoin like&#8230;<\/p>\n","protected":false},"author":1,"featured_media":181645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvNjkwYjU3MDktYmQ5OC00MDdiLTg3MGUtMTY3NGJiODE3M2JlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-181644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/181644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=181644"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/181644\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/181645"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=181644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=181644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=181644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}