$51K Bitcoin price not a problem as ‘structurally, nothing has changed’ By Cointelegraph

$51K Bitcoin price not a problem as ‘structurally, nothing has changed’

Cryptocurrency Mar 25, 2021 10:00PM ET

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$51K Bitcoin price not a problem as ‘structurally, nothing has changed’

On March 25, concerns surrounding the record-breaking $6.1 billion (BTC) options expiry this Friday sparked an overnight sell-off that dropped Bitcoin price to $50,400.

The downturn was not a surprise for many traders and some called for a possible test of the $47,000 support level. Despite Bitcoin's loss of bullish momentum, several derivatives indicators, including a bullish futures premium and a neutral skew, suggest that the price may not drop below $50,000.

BTC/USDT 4-hour chart. Source: TradingView

Bitcoin liquid supply change. Source: Glassnode

Daily cryptocurrency market performance. Source: Coin360

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$51K Bitcoin price not a problem as ‘structurally, nothing has changed’

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