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3 reasons why BTC will unlikely trade below $50,000 in the near term

BTC held the $50,000 support while derivatives indicators remained healthy, signaling investors’ optimism.
Bitcoin (BTC) is showing tenacity above $50,000 on March 25. The 10% drop over the last 24 hours happened despite Tesla allowing customers to buy vehicles using BTC in addition to CEO Elon Musk affirming that it will not be converted to fiat currency.On March 22, the United States Federal Reserve chair, Jerome Powell, stated that Bitcoin was too volatile, “backed by nothing,” and more of an asset for speculation. Curiously, on that same day, BTC lost its $56,000 support, which became a resistance.Traders worry that the pump might have been news-driven, while the downtrend movement shall prevail. Although this is possible, derivatives indicators aren’t leaning bearish, and any decent correction will likely meet strong support at $50,000.Bitcoin price 3-hour candle chart (Coinbase). Source: TradingViewPart of the uncertainty investors might have derived from the record $6.1 billion options expiry on March 26. Nevertheless, 84% of the neutral-to-bearish put options are already deemed worthless as BTC price soared above $50,000.Moreover, CME holds $980 million futures contracts set to expire on the same day. Although buyers (longs) and sellers (shorts) are matched at all times, some traders worry that BTC prices could be pressured by futures traders looking to roll over their positions into April and May.Unlike perpetual futures, those fixed-calendar CME contracts have a set expiry date. Thus, to maintain a long position, one must buy the April or May futures while simultaneously selling the March contract.Thus, to better assess whales and arbitrage desks influence …
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