'Insane' Bitcoin price consolidation means $48K is the new BTC support level

'Insane' Bitcoin price consolidation means $48K is the new BTC support level


Bitcoin (BTC) has seen “unreal” price consolidation since the start of February 2021 — 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 no other.

$35,000 Bitcoin? So last month

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Discussing the current state of the Bitcoin network, co-founders Yann Allemann and Jan Happel said that many price indicators had been allowed a “reset” in February.

“The amount of consolidation Bitcoin has seen since January is unreal. It really allowed fundamentals to catch up and indicators to reset,” they wrote in a tweet on Feb. 17.

“Looks like $48k is the new $35k now.”

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

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.

Despite wobbling around the $50,000 mark,

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