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
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,