Bitcoin Support at $47K “Very Strong,” Glassnode CTO Asserts After Price Falls

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Bitcoin has an extreme potential to hold $47,000 as its support level, according to Rafael Schultze-Kraft, the co-founder/CTO of blockchain analytics platform Glassnode. The data scientist studied the number of existing bitcoins that moved within the said price bucket and placed it against other price levels. He noted that the “UTXO Realized Price Distribution” near the $47,000-level was comparatively higher than the rest in recent times, stressing that the range prompted the Bitcoin network participants to become more active than usual. Bitcoin: UTXO Realized Price Distribution. Source: Glassnode In retrospect, a higher number of coins moving near a specific level signifies more trades. It is possible that traders and investors sold or bought more bitcoins near $47,000 than any other level around it. Given the cryptocurrency’s recent uptrend, it is safe to assume that most trades near $47,000 had a bullish outlook, which made the level ideal support for Bitcoin.…

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