What is The Level of Support For Bitcoin?

The rapid rise in the price of the first cryptocurrency has brought some suspense to the market. If earlier the level of support clearly drew up to $35,000, then after the rise to $52,000, where Bitcoin will stop in case of a decline

Based on Glassnode data, analysts say the new level of support is $48,000. Bitcoin, for the first two months of the year, felt unprecedented price consolidation. And the new level of support is clearly drawn.

This forecast fuels the majority's expectations that the $50,000 level will be a new solid base for Bitcoin. And a serious correction will not follow.

The conclusions of Glassnode analysts are indirectly supported by Willie Wu. According to him, Bitcoin is now in the middle of the bull market. The price increase could not stop even the present negative background due to crypto bans and excessive regulation.

Now, according to Wu, only the "black swan" can radically expand the market - an emergency that will have a negative impact on all areas of the economy and traditional finances, not just cryptocurrency. For example, as Covid-19.

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