Bitcoin (BTC) ranged around $48,000 on Friday as hopes of a bull run endured cheers to low supply and upcoming corporate disclosures.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Anticipation builds for cross-crypto breakout

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD continuing to consolidate into Friday, with the latest options death now due.

The pair had made little progress since bouncing off $47,000 the day before, just bullish expectations among analysts were also firmly intact.

As Cointelegraph reported, these revolve effectually a "supply clasp" driving prices up — a combination of increased demand while long-term holders already own almost fourscore% of the supply.

"Keep in heed alt supply, and ETF flavour alee likely to be key drivers + disclosures," trader Pentoshi noted as part of comments on the BTC cost outlook.

Cointelegraph contributor Michaël van de Poppe was similarly cool about current market activity.

"I don't retrieve yous should worry near the market consolidating here. Quite salubrious," he summarized on the day.

"Altcoins all the same rocking. Not bad months to come in crypto."

A look at buy and sell levels on major exchange Binance confirmed resistance beginning at $48,600, this having crept lower during the consolidation. Buy interest, meanwhile, still lay at $44,000.

BTC/USD purchase and sell levels (Binance) equally of Sept. 17. Source: Textile Indicators

"Bullish but cautious"

Calmer weather condition on derivatives platforms likewise cooled concerns over a repeat of last week'south major sell-off.

Related: New Bitcoin price model suggests BTC won't go beneath $39K again

When Bitcoin lost $ten,000 in a single day, overleveraged trading saw a wipe-out, and leverage has since stayed considerably lower.

Slightly positive funding rates suggest that the market is much better positioned for sustainable upside — bullish, but without irrationality.

"Traders in Bitcoin futures markets remain reasonably bullish with a positive funding charge per unit returning to perpetual bandy contracts," Yann Allemann and January Happel, co-founders of on-chain analytics firm Glassnode, commented on an accompanying chart.

"Note how funding rates are positive, but not upwards to the aforementioned level as before the $10k sell-off last week The Bitcoin marketplace is bullish, simply cautious."
Bitcoin futures funding rates annotated nautical chart. Source: Yann & Jan/Twitter