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

On-chain data points toward a bullish future for Bitcoin despite today’s sell-off to $50,400.
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: TradingViewWhile technical indicators paint a mixed picture of Bitcoin’s short-term price action, the asset retains strong fundamentals today media reported that sovereign wealth funds have begun inquiring about opening positions in BTC. This points to growing global adoption for BTC and the cryptocurrency sector as a whole as new Ether (ETH) trusts are also being established to serve institutional investors. Analysts suggest the market is oversoldGlassnode co-founder and CTO Rafael Schultze-Kraft recently highlighted a possible dip lower based on low realized price distribution between $51,100 and $54,000.Not much #Bitcoin realized between here and $51k. Would not be surprised if we dipped a bit more.Strongest on-chain support currently at $47,400.https://t.co/3GFPTQPp6F pic.twitter.com/NLBQvEIGfB— Rafael Schultze-Kraft (@n3ocortex) March 22, 2021
In a follow-up tweet after Thursday’s drop, Schultze-Kraft reaffirmed that the dip was “not unexpected” and in his view, the overall outlook remains bullish. Schultze-Kraft said: “Structurally, nothing has changed. I have yet to see a data point that points long-term …
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