{"id":411280,"date":"2022-03-02T11:30:36","date_gmt":"2022-03-02T08:30:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/btc-price-now-has-support-above-40k-as-data-shows-bitcoin-redistribution-event\/"},"modified":"2022-03-02T11:30:36","modified_gmt":"2022-03-02T08:30:36","slug":"btc-price-now-has-support-above-40k-as-data-shows-bitcoin-redistribution-event","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/btc-price-now-has-support-above-40k-as-data-shows-bitcoin-redistribution-event\/","title":{"rendered":"# BTC price now has support above $40K as data shows Bitcoin &#8216;redistribution event&#8217;"},"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-6a3874d4274a6\" 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-6a3874d4274a6\" 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\/btc-price-now-has-support-above-40k-as-data-shows-bitcoin-redistribution-event\/#Trader_focuses_on_levels_above_40000\" >Trader focuses on levels above $40,000<\/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\/btc-price-now-has-support-above-40k-as-data-shows-bitcoin-redistribution-event\/#Daily_chart_support_creeps_higher\" >Daily chart support creeps higher<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># BTC price now has support above $40K as data shows Bitcoin &#8216;redistribution event&#8217; <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) is &#8220;looking pretty good&#8221; as the week progresses as bulls line up challenges for several significant resistance levels.<\/p>\n<p>In an update to Telegram subscribers on Mar. 2, Filbfilb, an analyst at trading suite Decentrader, joined increasingly bullish sentiment around the outlook for BTC\/USD.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Trader_focuses_on_levels_above_40000\"><\/span>Trader focuses on levels above $40,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>After surprising the market with a breakout Monday, Bitcoin has risen to challenge February highs. While so far not beating them, investors and traders have reacted extremely positive to the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>, and sentiment gauges show a swift transformation taking place on the market.<\/p>\n<p>For Filbfilb, the prognosis is just as rosy after BTC\/USD passed both the 50-day moving average (MA) and a &#8220;massive&#8221; weekly level, both of which could now function as support.<\/p>\n<p>&#8220;Bitcoin looking pretty good mid week. HTFs have some key levels which are being challenged,&#8221; he summarized.<\/p>\n<p>In a bleaker scenario, the point of interest for bulls to hold is $40,770, this ideally forming the minimum close into the weekend on 3-day timeframes.<\/p>\n<p>&#8220;Bit of a crazy environment, literally on the brink of anything being possible, given the conflict,&#8221; Filbfilb added about the current macro situation.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/36ba6808-66d3-409f-b2a1-7189c61e0282.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USD chart with levels marked. Source: Filbfilb\/ TradingView<\/em><\/figcaption><\/figure>\n<p>Even considering the turmoil currently enslaving global markets, however, signs that the worst is over for crypto as an asset class are flowing in.\u00a0<\/p>\n<p>As noted by Jurrien Timmer, director of global macro at U.S. asset management giant Fidelity Investments, both Bitcoin and related stocks <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>ear to have put in a &#8220;double bottom&#8221; formation.<\/p>\n<p>As such, for BTC\/USD to continue, the existing February highs of just under $46,000 should be convincingly flipped to support.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Looks like a potential double-bottom is in the making for BTC and the related equities. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/gzbVqdG7Pg\">pic.twitter.com\/gzbVqdG7Pg<\/a><\/p>\n<p>\u2014 Jurrien Timmer (@TimmerFidelity) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TimmerFidelity\/status\/1498777599358603267?ref_src=twsrc%5Etfw\">March 1, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Daily_chart_support_creeps_higher\"><\/span>Daily chart support creeps higher<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Orderbook data from major exchange Binance likewise shows increasingly bullish moves by traders in recent days.\u00a0<\/p>\n<p><strong><em>Related:\u00a03 reasons why Bitcoin price rallied toward $45K entering March<\/em><\/strong><\/p>\n<p>As Bitcoin has increased, bids have inched up in step, with new demand now lying at around $43,200. $45,000, meanwhile, remains a major area of sell side pressure.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/a647f712-6b5e-4fde-8902-b42363bd4f46.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD orderbook data chart (Binance). Source: Material Indicators<\/em><\/figcaption><\/figure>\n<p>As <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-09-2022\/\">reported<\/a> by on-chain analytics firm Glassnode this week, however, zooming out, data suggests that almost every buyer at November&#8217;s $69,000 all-time highs has now capitulated, lessening overall desire to exit at price points between there and current spot.<\/p>\n<p>&#8220;During this 2.5 month long period of consolidation, a great deal of supply was transferred by top buyers into exchanges for sale. This supply was then gradually soaked up by higher conviction buyers, with the cost basis of these coins becoming more heavily weighted between in the $29k to $40k price range,&#8221; it explained in its latest weekly newsletter, &#8220;The Week Onchain.&#8221;<\/p>\n<blockquote><p>&#8220;This behaviour describes a broad scale weak hand to strong hand redistribution event.&#8221;<\/p><\/blockquote>\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. 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 News 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\/btc-price-now-has-support-above-40k-as-data-shows-bitcoin-redistribution-event\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# BTC price now has support above $40K as data shows Bitcoin &#8216;redistribution event&#8217; &#8221; Bitcoin (BTC) is &#8220;looking pretty good&#8221; as the week progresses as bulls line up challenges for several significant resistance levels. In an update to Telegram subscribers on Mar. 2, Filbfilb, an analyst at trading suite Decentrader, joined increasingly bullish sentiment&#8230;<\/p>\n","protected":false},"author":1,"featured_media":411281,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMzJkOTM2YjgtZDE5Mi00Yzc1LTk1ZjItNzYyNjNiZWI3NDU5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-411280","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\/411280","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=411280"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/411280\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/411281"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=411280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=411280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=411280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}