According to Cointelegraph Markets Pro and TradingView data, BTC/USD continues to consolidate on Friday, the expiry date in the options market.
Although the pair, which bounced off 47 thousand dollars the other day, has not changed much since then, analysts’ bullish expectations continue.
Behind this expectation is the thought that a “supply squeeze” will raise prices. With long-term savers holding almost 80 percent of the supply, the demand for cryptocurrencies is growing.
Commenting on the BTC price, investor Pentoshi stated, “Keep in mind that the altcoin supply and the upcoming ETF season, plus disclosures from companies will likely be key factors.”
Cointelegraph analyst Michaël van de Poppe is also not concerned about current market activity.
“There’s no need to worry about the market consolidating at this point. It’s perfectly healthy. Altcoins are still rising too. The coming months will be great for crypto.”
The buy and sell levels of the giant cryptocurrency exchange Binance show that resistance is starting to form at $48,600. Buyer interest is still around 44 thousand dollars.
Calm conditions on derivatives platforms also eased concerns that last week’s correction could be repeated.
Bitcoin’s loss of 10 thousand dollars in one day also removed the excess leverage in the market.
Slightly positive funding rates reveal that the market is much more ready for a sustained rise.
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