As the whales continue to buy, Bitcoin remains at $56,000-watch these BTC price levels

As the whales continue to buy, Bitcoin remains at $56,000-watch these BTC price levels



Bitcoin (Bitcoin) Requires a “slightly bearish” rethinking of price movements because the old support level gives way overnight.

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

Analysts issue warnings on public interest

Data from Cointelegraph Markets Pro with Transaction view A low of $55,640 was shown on Bitstamp on November 19.

Use it Lowest level For more than a month, Bitcoin has not been able to rebound significantly-now price forecasts are beginning to change accordingly.

In his nearest YouTube updatesFilbfilb, an analyst at the trading platform Decentrader, warned that 50-day and 100-day moving averages (DMA) may be all indicators that can help bulls.

Then BTC/USD fell below the first one, only bringing the 100DMA slightly above 53,000 USD.

“I will definitely go long spot again at a price of $53,000,” he told the audience, saying that the opportunity for 100DMA to protect the price is “pretty good.”

This level is consistent with Bitcoin’s $1 trillion market value valuation, which was previously considered permanent.

At the same time, the problems for Filbfilb and others remain high Open position Despite falling prices, Bitcoin derivatives are still being traded.

He suspects that it depends on the trader’s long-the result is either completely cleared through a rebound or “out of” their position.

Bitcoin futures open interest chart. Source: Coinglass

Funding rate Some major exchanges have also maintained high levels, indicating that prices are expected to rise.

Bitcoin financing interest rate chart. Source: Coinglass

Whales (continued) buy on dips

Elsewhere, some block traders are putting money on their lips.

related: Traders stated that Bitcoin’s drop to $57,000 is an “attractive entry point” for coin holders

according to Blockchain data, The third largest BTC address continues to buy this week.Rear Increase Its balance increased by 207 BTC to US$62,000, followed by greater accumulation in the form of purchases of 1,647 BTC, 700 BTC, and 484 BTC.

Also as Cointelegraph Report, Those who bought in the past 6 to 12 months are still determined not to sell their coins.

Even at the highest point in history, the selling volume is still very low, with a year’s hoarding accounting for the largest proportion of the current Bitcoin supply.