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

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

(BTC) is showing tenacity above $50,000 on March 25. The 10% drop over the last 24 hours happened despite Tesla (NASDAQ:) 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.

Bitcoin price 3-hour candle chart (Coinbase). Source: TradingView
OKEx 3-month BTC futures basis. Source: Skew
Deribit BTC options 25% delta skew. Source: laevitas.ch
BTC perpetual futures 8-hour funding rate. Source: Bybt

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