The data of on-chain has indicated a bull run in the future as well for Bitcoin. On the other hand, the sell-off of 26th March, Friday, points towards the price level of $50,400.
On 25th March, Thursday, there are some growing concerns regarding the BTC options of $6.1 billion that have been a record-breaking event and is will soon expire on Friday. This has led to the sell-off overnight that has pulled down the Bitcoin price to the $50,400 mark.
Bitcoin Continues To Stay Strong
This present downward trend has not come as a surprise to many traders since many have demanded the probable test of an important support level at $47,000. Even though there is a loss of the bullish momentum in Bitcoin, many of the derivatives indicators like the bullish premium of futures as well as the neutral skew indicates that BTC price might not decline below the $50,000 mark.
Rafael Schultze-Kraft, the CTO and co-founder of Glassnode, has recently suggested a probable slide ranging from $51,100 to $54,000. He had tweeted, informing that the dip is unexpected but the general approach is still bullish.
He further added that there has not been any change in the leading cryptocurrency, structurally because none of the data has any evidence of long-term bearish. Rather the massive number of BTC that has been withdrawn from circulating supply then deposited in the storage wallets of long-term is a bullish pattern in preparation.
Aragon is an exception altcoin that opted for DeFi and NFT that resulted in rallying by 50% to reach $13.56. Balancer and Holochain have successfully managed to gather positive profits of 6.4% and 5.2%, respectively.
The market cap of the entire cryptocurrency is $1.62 trillion while BTC has a 59.4% dominance rate.
