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

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

4-hour chart. Source: TradingView
Bitcoin liquid supply change. Source: Glassnode
Daily cryptocurrency market performance. Source: Coin360