{"id":211196,"date":"2021-03-26T03:25:33","date_gmt":"2021-03-26T00:25:33","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/51k-bitcoin-price-not-a-problem-as-structurally-nothing-has-changed\/"},"modified":"2021-03-26T03:25:33","modified_gmt":"2021-03-26T00:25:33","slug":"51k-bitcoin-price-not-a-problem-as-structurally-nothing-has-changed","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/51k-bitcoin-price-not-a-problem-as-structurally-nothing-has-changed\/","title":{"rendered":"# $51K Bitcoin price not a problem as \u2018structurally, nothing has changed\u2019"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a24049512154\" 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-6a24049512154\" 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\/51k-bitcoin-price-not-a-problem-as-structurally-nothing-has-changed\/#Analysts_suggest_the_market_is_oversold\" >Analysts suggest the market is oversold<\/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\/51k-bitcoin-price-not-a-problem-as-structurally-nothing-has-changed\/#Altcoins_sink_lower\" >Altcoins sink lower<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># $51K Bitcoin price not a problem as \u2018structurally, nothing has changed\u2019 <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>On March 25, concerns surrounding the record-breaking $6.1 billion (BTC) options expiry this Friday\u00a0sparked an overnight sell-off that dropped Bitcoin price to $50,400.<\/p>\n<p>The downturn was not a surprise for many traders and some called for a possible test of the $47,000 support level. Despite Bitcoin&#8217;s loss of bullish momentum, several derivatives indicators, including a bullish futures premium and a neutral skew, suggest that the price may not drop below $50,000. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/d7b4a108-ddad-4181-822f-1ef416ea66c5.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>While technical indicators paint a mixed picture of Bitcoin&#8217;s short-term price action, the asset retains strong fundamentals today <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> reported that\u00a0sovereign wealth funds have begun inquiring about opening positions in BTC. This points to growing global adoption for BTC and the cryptocurrency sector as a whole as new Ether (ETH) trusts are also being established to serve institutional investors. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Analysts_suggest_the_market_is_oversold\"><\/span>Analysts suggest the market is oversold<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Glassnode co-founder and CTO Rafael Schultze-Kraft recently highlighted a possible dip lower based on low realized price distribution between $51,100 and $54,000.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Not much <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> realized between here and $51k. Would not be surprised if we dipped a bit more.<\/p>\n<p>Strongest on-chain support currently at $47,400.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/3GFPTQPp6F\">https:\/\/t.co\/3GFPTQPp6F<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/NLBQvEIGfB\">pic.twitter.com\/NLBQvEIGfB<\/a><\/p>\n<p>\u2014 Rafael Schultze-Kraft (@n3ocortex) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/n3ocortex\/status\/1374134434950217729?ref_src=twsrc%5Etfw\">March 22, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In a follow-up <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/n3ocortex\/status\/1375124910725545994\">tweet<\/a> after Thursday\u2019s drop, Schultze-Kraft reaffirmed that the dip was \u201cnot unexpected\u201d and in his view, the overall outlook remains bullish. <\/p>\n<p>Schultze-Kraft said: <\/p>\n<blockquote><p>\u201cStructurally, nothing has changed. I have yet to see a data point that points long-term bearish.\u201d<\/p><\/blockquote>\n<p>Further evidence of a possible turnaround in the near-term can be found when looking at Bitcoin\u2019s liquid supply change, which decreased by the largest amount in more than 6 months. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/f3ff507a-b647-43a0-8dec-7be4b842f59b.jpg\"><figcaption style=\"text-align: center;\"><em>Bitcoin liquid supply change. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/glassnode.com\/\"><em>Glassnode<\/em><\/a><\/figcaption><\/figure>\n<p>This suggests that a large number of BTC have been pulled out of the circulating supply and deposited into longer-term storage wallets as bulls prepare for the price to trend higher. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Altcoins_sink_lower\"><\/span>Altcoins sink lower<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A majority of the altcoins were hit hard by the Bitcoin sell-off as traders across the market exited positions in an attempt to hold on to their recent gains. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/03a67dcd-9e36-4124-bb52-89814fa62d55.png\"><figcaption style=\"text-align: center;\"><em>Daily cryptocurrency market performance. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coin360.com\/\"><em>Coin360<\/em><\/a><\/figcaption><\/figure>\n<p>The one stand-out among altcoins is Aragon (ANT), whose recent pivot toward DeFi and nonfungible tokens has helped to spark a 50% rally to $13.56. <\/p>\n<p>Holochain (HOT) and Balancer (BAL) have also managed to put up a positive gain of 5.2% and 6.4% respectively. <\/p>\n<p>The overall cryptocurrency market cap now stands at $1.62 trillion and Bitcoin\u2019s dominance rate is 59.4%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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The downturn was not a surprise for many traders and some called for a possible test of the $47,000&#8230;<\/p>\n","protected":false},"author":1,"featured_media":211197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvZTZjY2U3Y2EtNzhlZC00N2M5LWEzOGEtNWZjNjUwZDBjMzdjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,75187,74862,81209,74937,74863,74891,99435,75150,73785],"class_list":["post-211196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-aragon","tag-bitcoin","tag-bitcoin-options","tag-bitcoin-price","tag-cryptocurrencies","tag-ethereum","tag-holo","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/211196","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=211196"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/211196\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/211197"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=211196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=211196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=211196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}