Bitcoin (BTC) calls for a “slightly bearish” rethink on price action as old support levels evaporate overnight.
BTC/USD 1-hour candlestick chart (Bitstamp) Source: TradingView
Analysts sound alarm bells over open interest
Data from Cointelegraph Markets Pro and TradingView show a low of $55,640 on Bitstamp on Nov. 19.
Bitcoin took profits at its lowest level in more than a month, and has since failed to rebound significantly — and now price predictions are starting to change with it.
Filbfilb, an analyst at trading platform Decentrader, warned in his latest YouTube update that the 50-day and 100-day moving averages (DMA) could be factors that could help the bulls.
BTC/USD then fell below the first one, leaving just the 100DMA just above $53,000.
"I'd definitely go long again at $53,000," he told the audience, adding that the likelihood of a 100-day moving average protection was "pretty good."
This level coincides with Bitcoin’s $1 trillion market capitalization valuation, which was previously thought to be permanent.
Meanwhile, creating problems for Filbfilb and others, open interest in bitcoin derivatives remains high despite the price drop.
He suspects that it's up to traders to go long -- with the result either being a recovery on a rally or "clearing out" their positions.
Bitcoin futures open interest chart. Source: Coinglass
Funding rates on some major exchanges have also remained high, indicating expectations for a return to higher prices.
Bitcoin Funding Rate Chart Source: Coinlass Coinglass
Whales (continue to) buy on dips
Elsewhere, some mass hoarders are putting their money where their mouths are.
According to blockchain data, the third-largest BTC address continued to buy this week. After adding 207 BTC to the balance at $62,000, larger accumulations were purchased in the form of 1647-BTC, 700-BTC and 484-BTC.
As Cointelegraph otherwise reported, those who bought over the past six to 12 month period are still adamant about not selling their Bitcoin.
Even at all-time highs, sell volume remains low, with one-year holders currently making up the largest percentage of Bitcoin supply.
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