Bitcoin Bulls Have Been Looking Towards Solidfying Control Over Price

Despite the price of Bitcoin rejecting at $45,500, there is hope for the possibility of another major rally in the market of cryptocurrency. Currently, most of the market bulls have been looking towards shoring up their defense at the support level of $43,000. According to data received from TradingPro and Cointelegraph Markets Pro, it has been understood that after making a run to a weekly high of $45,500 on the 8th of February, bears managed to drop the cryptocurrency price to $42,900 during the trading in the afternoon after most of the investors realized the profits that could come up and prepared to place the bids around the price of $38,800. 

Bitcoin Bulls Looking For Price Control In The Market

The sudden move of Bitcoin going higher did catch quite a few traders off guard with headlines across the cryptocurrency space which were predicting the onset of an extended bearish market, but such warnings could have been exceedingly premature- based on data from a recent report recorded from Glass node. The analysts firm of blockchain did state that most of the prices had bounced off a number of fundamental levels that have always been thought of as an undervaluation or a fair value price. 

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After analyzing the liquidations on future exchanges, Glassnode did surmise that although the Long Liquidation Dominance chart highlighted that shorts have been firmly placed on the back-foot this week, with a minor skew towards liquidations of the shorter side. Bitcoin’s lackluster magnitude of this metric does indicate that it is highly unlikely that the price upside was heavily being driven by a short squeeze. 

As it stands now, the overall cryptocurrency market cap is situated at $1.949 trillion, with the dominance rate of Bitcoin settled at 41.7%.