Bitcoin (BTC) hovered around $ 48,000 on Friday as hopes of a bull run continued thanks to low supply and upcoming company announcements.
Construction Prediction for Cross Crypto Breakout
Data from Cointelegraph Markets Pro and TradingView show BTC / USD continues to consolidate on Friday, with the latest options now expiring.
The pair has made some progress since rebounding from $ 47,000 the day before, but analyst bullish expectations also remain intact.
As Cointelegraph reported, these revolve around a “supply bottleneck” that is driving prices up – a combination of increased demand while long-term owners already own nearly 80% of the supply.
“Keep in mind that alternative offering and the upcoming ETF season will likely be the main driver and disclosure,” noted trader Pentoshi as part of the report. comment to the BTC price outlook.
Cointelegraph employee Michaël van de Poppe is similar in terms of current market activity.
“I think you shouldn’t worry about the market consolidating here. Pretty healthy, ”he said summary right day.
“Altcoins are still strong. Great months are coming for crypto. “
Given the buy and sell levels on the major exchange, Binance confirmed resistance above $ 48,600, which fell lower during consolidation. The buying interest, meanwhile, remains at $ 44,000.
“Increased, but careful”
Calmer conditions on derivatives platforms have also eased fears of a repeat of last week’s massive sell-off.
Related: New Bitcoin Pricing Model Shows BTC Will Not Go Back Below $ 39,000
When Bitcoin lost $ 10,000 in one day, the average overtrading was wiped out and the leverage has been significantly lower since then.
The slightly positive funding rate suggests that the market is much better positioned for sustained upside potential – bullish but without irrationality.
“Traders in the Bitcoin futures market remain reasonably optimistic as the positive funding rates return to perpetual swaps,” said Yann Allemann and Jan Happel, co-founders of the chain analysis company Glassnode online. commented on an enclosed diagram.