Bitcoin (BTC) has seen "unreal" price consolidation since the start of February 2021 — and primal support is now at $48,000.

According to on-chain monitoring resource Glassnode, the 2d month of the year has been a formative period for Bitcoin like no other.

$35,000 Bitcoin? So concluding calendar month

Discussing the current state of the Bitcoin network, co-founders Yann Allemann and Jan Happel said that many price indicators had been allowed a "reset" in Feb.

"The amount of consolidation Bitcoin has seen since January is unreal. It actually allowed fundamentals to grab up and indicators to reset," they wrote in a tweet on Feb. 17.

"Looks similar $48k is the new $35k now."
BTC/USD book chart with support levels marked. Source: Glassnode/ Twitter

The buoyant perspective adds fuel to the bulls hoping that $50,000, a level Bitcoin took for the showtime fourth dimension this week, will form a solid foundation without a major correction.

Despite wobbling around the $l,000 mark, any drops were apace bought upward, indicating solid buyer support in place at higher levels regardless of the stride of cost gains or any negative external narrative surrounding Bitcoin.

"Under capital menstruation models, it would take a black swan to break $36k on a daily shut," statistician Willy Woo added in response to the Glassnode findings.

He described Bitcoin'southward electric current position as being in the "middle phase" of a bull market.

Saylor: No more 80% pullbacks

Allemann and Happel were meanwhile not alone. In his latest advent on the podcast series from "The Bitcoin Standard" writer Saifedean Ammous at the weekend, Michael Saylor, CEO of MicroStrategy, claimed that Bitcoin would non run across some other lxxx% price pullback like in 2018.

"The volatility is non the same; if you lot look at the drawdowns, they're not the same," he told Ammous.

"Like when Bitcoin ran up to $forty,000 and traded dorsum down to $30,000, that was a 25% retracement, not an 80% retracement."

Every bit Cointelegraph reported, MicroStrategy plans to purchase another $900 million of BTC in the short term as per an proclamation this week.