Bitcoin (BTC) is calling for a "slightly bearish" rethinking of price action as old support levels give way overnight.
Analysts sound open interest alarm
Data of Cointelegraph Markets Pro and TradingView showed a low of $ 55,640 on Bitstamp on Nov. 19.
Taking advantage of your lower levels In over a month, Bitcoin hasn't rebounded significantly since then, and now price forecasts are starting to change with it.
In his last YouTube updateFilbfilb, an analyst at trading platform Decentrader, warned that the 50- and 100-day moving average (DMA) may be all that can help bulls.
BTC / USD then fell through the former, leaving only the 100DMA at just over $ 53,000.
"I'm definitely going to go long at $ 53,000 again," he told viewers, having said that the chances of the 100DMA protection price being "reasonably good."
That level matches the valuation of Bitcoin's $ 1 trillion market cap, something previously considered permanent.
Meanwhile, what causes problems for Filbfilb and others, remains high open interest in Bitcoin derivatives despite the price drop.
This, he suspects, is because traders take long positions, and the result will be a clean sweep through a bounce or "dump" of their positions.
Financing fees It also remained high in some major exchanges, indicating expectations that higher prices will return.
Whales (keep) buying the dip
In other places, some high-volume hodlers are putting their money where their mouth is.
Related: Traders Say Bitcoin's Fall To $ 57K Is An 'Attractive Entry' For Hodlers
According to blockchain data, the third largest BTC address has continued to buy this week. After growing its balance at 207 BTC at $ 62,000, larger accumulations followed in the form of purchases of 1,647 BTC, 700 BTC, and 484 BTC.
Like Cointelegraph additionally reportedThose who bought in the last six to twelve months are still determined not to sell their coins.
Even at all-time highs, sales remained low, with the one-year hodl accounting for the largest share of the current Bitcoin supply.
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