Bitcoin (BTC) calls for price action to be rethought as old support levels give way overnight.
Solid analysts warn of open concerns
Data from Cointelegraph Marketplaces Pro and TradingView show Bitstamp hit a low of $ 55,640 in November.
Cap at its lowest level in over a month, Bitcoin has not recovered much since then – and now price forecasts are starting to shift.
In its latest YouTube update, Filbfilb, an analyst at the Decentrader exchange, warned that the 50- and 100-day moving averages (DMA) may be all the bulls can support.
BTC / USD then fell at first, leaving only the 100DMA above USD 53,000.
“I will definitely stay at $ 53,000 for a long time again,” he told viewers, adding that the odds of a 100 DMA prize defense were “reasonable”.
This level is in line with Bitcoin’s $ 1 trillion market cap that was previously held forever.
What is causing problems for Filbfilb and others is that interest in Bitcoin derivatives remains high despite the drop in prices.
He suspects this is because traders are taking a long time – and the result will be a rally or “undo” of their positions.
Likewise, funding rates have still risen on some of the major exchanges, suggesting a return to higher price expectations.
Whales (continued) buy soaking water
Elsewhere, some high volume short sellers put their money in their mouths.
Related: Traders Say Bitcoin’s decline to $ 57,000 is a “flashy entry” for beginners
According to blockchain data, the third largest BTC address kept buying this week. After the balance was increased by 207 BTC to $ 62,000, larger accumulations followed in the form of purchases of 1,647 BTC, 700 BTC and 484 BTC.
As Cointelegraph further reported, those who have bought in the past six to twelve months are still adamant about not selling their coins.
Even at an all-time high, sales remain low, with the annual Hodl making up the largest proportion of current Bitcoin supply.