A Strong Support for Bitcoin Setted at $47K
At the moment of writing this article, Bitcoin climbed up to a level of $54K that made a 7% gain within 24 hours. It’s the best progress it managed to achieve since February 22nd. Glassnode, a crypto analytic agency, pointed out a strong support for Bitcoin at the level of $47K. Great volumes of the first world’s cryptocurrency were moved on-chain as its price reached $45K.
It is considered the main reason why Bitcoin managed to climb above the level of $46.6К. The 6.5% of the entire supply of Bitcoin was circulating around. Analysts claim that this happened due to the investors seeing this price as a good point to enter the market.
Now the experts see a certain resistance at the point of $55,900 and consider the new level of Btcoin’s support $48,000. Bitcoin is now forming the sixth green candle in a row, and this means the bull rally goes on.