Bitcoin (BTC) hovered around $ 48,000 on Friday as hope continued to rise thanks to lower offers and upcoming company information.
1-hour BTC / USD candlestick chart (Bitstamp). Source: TradingView
Raises expectations of cryptocurrency hacking
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD continued to consolidate until Friday, with the last options expiring.
The pair has made little progress since the $ 47,000 jump the day before, but analysts’ optimistic forecasts were also good.
As Cointelegraph reports, it’s all about “supply pressure” that drives up prices – a combination of increased demand where long-term shareholders already own about 80% of the supply.
“Be aware of the alternative offerings and the upcoming ETF season, which are likely to be key factors + revelations,” said trader Pentoshi, commenting on the BTC price prediction.
Cointelegraph author Michael van de Poppe is also pleased with the current marketing activities.
“I don’t think you should worry about market consolidation here,” summed up the day.
“Altcoins are still fluctuating. The big months are coming in crypto. ”
A look at the buy and sell levels on the major exchange Binance confirmed that resistance starts at $ 48,600 and has eased during the consolidation. Meanwhile, the purchase interest is still $ 44,000.
BTC / USD (Binance) buy and sell levels as of September 17. Source: material indicators.
“Ascending but cautious”
Calmer conditions on derivatives platforms also eased concerns about a repeat of the big sell-off last week.
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When Bitcoin lost $ 10,000 in one day, overtrading disappeared and the impact has remained significantly low since then.
Slightly positive funding rates indicate that the market is in a much better position than a strong bullish trend without the irrational.
“Traders in the bitcoin futures markets remain quite optimistic as the positive funding rate reverts to perpetual swaps,” commented Jan Allemann and Jan Abel, founders of in-chain analyst firm Glassnode, in the attached chart.
“Note the positive funding rates, but not the same level as before the $ 10,000 sale last week. Bitcoin is optimistic but cautious. “