On Sept. 17, Bitcoin ( BTC), traded at $48,000. This was due to the high supply and future corporate disclosures.
Cross-crypto breakouts are in the works.
Data from Cointelegraph Markets Pro, and ForexView indicated that BTC/USD continued to consolidate through Friday with the latest options expiry .
Although the pair was not making any progress since rebounding off $47,000 on the previous day, analysts still had high expectations.
These prices are driven up by a “supply glut,” as Cointelegraph reported. This is a result of higher demand and long-term holders owning almost 80%.
Pentoshi, a trader, noted that Alt Supply and ETF Season ahead are likely to be key drivers + disclosures in comments regarding the BTC price outlook.
Cointelegraph contributor Michael van de Poppe was similarly cool about current market activity.
“I don’t think you should be concerned about the market consolidating. He summarized the day.
“Altcoins still rocking. There are still great months ahead in crypto.
An examination of the buy and sell levels on Binance, a major exchange, revealed resistance at $48,600. This was despite it having sunk lower during consolidation. Buy interest is still at $44,000.
“Bullish, but cautious”
Concerns about a repeat last week’s big sell-off were also cooled by calmer conditions on derivatives platforms.
Bitcoin lost $10,000 in one day. Overleveraged trading saw a wipeout. Since then, leverage has remained significantly lower.
The market’s ability to sustain upside is better than expected, with slightly positive funding rates.
“Traders in Bitcoin Futures Markets remain reasonably bullish, with a positive funding rate returning perpetual swap contracts,” Yann Allmann and Jan Happel, cofounders of the on-chain analytics firm Glassnode commented on an accompanying graph.
“Note how funding rate are positive but not at the same level before the $10k sale-off last week. The Bitcoin market remains bullish but cautious.”
