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Glassnode CTO Asserted BTC Support At $47K Is Very Strong

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Glassnode CTO asserted that the Bitcoin support at $47K is very strong after the recent price falls so in today’s BTC news, we take a look at what Rafael Schultze-Kraft had to say about the number one cryptocurrency.

The data scientist studied the number of existing Bitcoins that moved in the price bucket and placed it against other price levels noting that the UTXO Realized Price Distribution near the $47K region was higher than the rest in recent times and outlined that the range prompted the network participants to become even more active than usual.

Bitcoin fell by around 4 percent during Powell’s speech on Thursday. Source BTCUSD on TradingView.com

A higher number of coins moving close to a specific level signifies more trades and it is possible that the traders and investors purchased or sold more Bitcoins at the $47K price range than any other level around it. Given the recent uptrend, it is safe to assume that most trades near this level had quite the bullish outlook which is a perfect support zone for BTC. Schultze-Kraft noted:

 “[We have a] very strong on-chain support at $47k – around 500,000 BTC have been moved at that level. It is important that we hold it; otherwise, we could see low forties quickly before the next upwards movements.”

The statements appeared as BTC was bleeding in the macroeconomic environment and the cryptocurrency was even among the biggest losers as the Federal Reserve Chairman Jerome Powell ignored offering more guidance on the rising bond yields in the US.  BTC closed the session at 3.95 lower and opened Friday dropping further as it logged an intraday low of $46,219. The cryptocurrency pushed against the many bearish attempts and even tried going above $47K but it was still not capable of doing so. The traders anticipated that Powell will boost the FED bond-buying program and will contain the interest rate returns on the 10-year note. Yields benefited from BTC in 2020 so it’s safe to believe that the FED extended assistance will help the crypto’s bull run.

btc glassnode
Bitcoin UTXO Realized Price Distribution. Source Glassnode

However, Glassnode CTO asserted that the current support levels for Bitcoin are strong while Alex Kruger, the independent analyst noted:

 “Speculation is harder when there is no clear upwards trend.  There are multiple major market drivers pulling in opposite directions, and/or trades are crowded. As is the case right now.”

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