BTC price clings to $56K as whales continue to buy – Watch out for these BTC price levels

In the past 24 hours, Bitcoin (BTC) has upset the apple cart with its “slightly bearish” price action.

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

Experts audio alarm system over the open rate of interest

Data from Cointelegraph Markets Pro and TradingView revealed a reduction of $55,640 on Bitstamp on Nov. 19.

Maximizing its lowest levels in over a month, Bitcoin has actually stopped working to bounce dramatically since– and also now cost forecasts are starting to alter with it.

In his most current YouTube update, Filbfilb, an analyst at trading system Decentrader, advised that 50-day and 100-day moving average (DMA) might be all that can aid bulls.

BTC/USD after that fell through the first, leaving simply the 100DMA at simply over $53,000.

” I’m most likely to go area long at $53,000 again,” he told audiences, having said that the chances of the 100DMA safeguarding price were “fairly great.”

That level coincides with Bitcoin’s $1-trillion market capitalization valuation, something which was previously held to be permanent.

Causing troubles for Filbfilb and others, on the other hand, is the still high open rate of interest on Bitcoin by-products in spite of the cost coming down.

This, he presumes, is to traders taking longs– and the result will be either a clean sweep using a rebound or a “clearing out” of their placements.

Bitcoin futures open interest chart. Source: Coinglass

Financing prices likewise continued to be raised on some significant exchanges, suggesting expectations of higher prices returning.

Bitcoin funding rates chart. Source: Coinglass

Whales (keep) getting the dip

In other places, some large-volume hodlers are placing their cash where their mouth is.

According to blockchain information, the third-largest BTC address has actually remained to purchase this week. After boosting its balance by 207 BTC at $62,000, bigger accumulations complied with in the form of 1,647-BTC, 700-BTC as well as 484-BTC acquisitions.

As Cointelegraph furthermore reported, those who bought in over the past six-to-12-month duration remain identified as not to sell their coins.

Also at all-time highs, selling stayed reduced, with the 1 year hodl bookkeeping for the biggest percentage of the current Bitcoin supply.

 


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