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HomeBitcoin NewsBitcoin holds on to $56K as whales keep buying-- Watch these BTC...

Bitcoin holds on to $56K as whales keep buying– Watch these BTC cost levels

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Bitcoin sticks to $56K as whales keep purchasing– Watch these BTC rate levels

Bitcoin (BTC) is demanding a “somewhat bearish” rethink on price action as old assistance levels pave the way over night.

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

Analysts sounds alarm over open intere

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

Taking advantage of its lowest levels in over a month, Bitcoin has stopped working to bounce considerably because– and now price forecasts are starting to change with it.In his latest YouTube upgrade, Filbfilb, an expert at trading platform Decentrader, warned that 50-day and 100-day moving average (DMA) may be all that can help bulls.BTC/ USD then failed the first, leaving just the 100DMA at simply above $53,000.

“I’m absolutely going to go spot long at $53,000 again,” he told audiences, having said that the opportunities of the 100DMA safeguarding cost were “reasonably excellent.”

That level coincides with Bitcoin’s $1 trillion market cap appraisal, something which was previously held to be permanent.Causing issues for Filbfilb and others, meanwhile, is the still high open interest on Bitcoin derivatives in spite of the rate comedown.This, he suspects, is down to traders taking longs– and the result will be either a clean sweep through a rebound, or a “flushing out” of their positions.

Bitcoin futures open interest chart. Source: Coinglass

Financing rates also stayed elevated on some significant exchanges, suggesting expectations of higher rates returning.

Bitcoin funding rates chart. Source: Coinglass

Whales (keep) purchasing the dip

Elsewhere, some large-volume hodlers are putting their cash where their mouth is.Related: Traders say Bitcoin‘s drop to $57K is an’appealing entry ‘for hodlers According to blockchain information, the third-largest BTC address has actually continued to buy today. After increasing its balance by 207 BTC at $62,000, bigger accumulations followed in the type of 1,647 BTC, 700 BTC and 484 BTC purchases.As Cointelegraph in addition reported, those who bought in over the past six to twelve-month period stay determined not to offer their coins.Even at all-time highs, selling stayed low, with the 1 year hodl accounting for the largest proportion of the current Bitcoin supply.Published at Fri, 19 Nov 2021 07:35:08 +0000

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