As the Bitcoin whales continue buying Bitcoin, its price level clings to $56K as it looks for the next support level. This makes the market slightly bearish.
According to Cointelegraph Markets Pro and TradingView data on Bitstamp on Nov 19th, Bitcoin price had a low of $55,640.
Bitcoin has been staggering on low levels for the past month, having the challenge to bounce back. This has made analysts change the price forecast trend.
According to Filbfilb, a famous crypto analyst from Decentrader, he warned through a Youtube update that there is an expected 50-day and 100-day moving average (DMA), which bulls may capitalize on. BTC/USD first started by dropping then went through the 100DMA when it hit $53,000. He explained to his viewers, BTC is likely to get to the 53k level again, and there are high chances of it going through the 100 DMA as a price protection strategy
This is similar to Bitcoins 1 trillion market capitalization valuation, which was previously meant to remain the same.
The false price prediction is a significant issue for crypto analysts as the high open interest on Bitcoin derivatives indicates the price is going down.
In his opinion, this may make more traders take Long’s, which can either lead to a rebound or a shift of their positions.
Data from different exchanges indicates that the funding rates are high as more people expect the prices to bounce back. Bitcoin experiencing a price dip is a golden opportunity for whales as they keep on buying. This means that large volume holders are continuing to buy to hold on to their assets.
From blockchain data, the third-largest whale has done a significant buy this week. In one week, the whale has increased their balance by 207 BTC.
From a Cointelegraph report, those who bought Bitcoin in the past are highly unlikely to sell off their coins. Even when Bitcoin was experiencing an all-time high, they still did not sell their Bitcoin, which maintains the Bitcoin supply.
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