A fundamental shift in technicals suggests that bulls should treat $48,000 like the new $35,000, says Glassnode.
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.