Bitcoin clings to $56K as whales keep buying — Watch these BTC price levels

Bitcoin ( $110,171.00 ) (BTC) is demanding a “slightly bearish” rethink on price action as old support levels give way overnight.

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

Analysts sound alarm over open interest

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

Capitalizing on its lowest levels in over a month, Bitcoin ( $110,171.00 ) has failed to bounce significantly since — and now price forecasts are beginning to change with it.

In his latest YouTube update, Filbfilb, an analyst at trading platform Decentrader, warned that 50-day and 100-day moving average (DMA) may be all that can aid bulls.

BTC/USD then fell through the first, leaving just the 100DMA at just above $53,000.

“I’m definitely going to go spot long at $53,000 again,” he told viewers, having said that the chances of the 100DMA protecting price were “reasonably good.”

That level coincides with Bitcoin ( $110,171.00 ) ’s $1-trillion market capitalization valuation, something which was previously held to be permanent.

Causing problems for Filbfilb and others, meanwhile, is the still high open interest on Bitcoin ( $110,171.00 ) derivatives in spite of the price comedown.

This, he suspects, is down to traders taking longs — and the result will be either a clean sweep via a rebound or a “flushing out” of their positions.

Bitcoin ( $110,171.00 ) futures open interest chart. Source: Coinglass

Funding rates likewise remained elevated on some major exchanges, indicating expectations of higher prices returning.

Bitcoin ( $110,171.00 ) funding rates chart. Source: Coinglass

Whales (keep) buying the dip

Elsewhere, some large-volume hodlers are putting their money where their mouth is.

Related: Traders say Bitcoin ( $110,171.00 ) ’s drop to $57K is an ‘attractive entry’ for hodlers

According to blockchain data, the third-largest BTC address has continued to buy this week. After increasing its balance by 207 BTC at $62,000, bigger accumulations followed in the form of 1,647-BTC, 700-BTC and 484-BTC purchases.

As Cointelegraph additionally reported, those who bought in over the past six-to-12-month period remain determined not to sell their coins.

Even at all-time highs, selling remained low, with the one-year hodl accounting for the largest proportion of the current Bitcoin ( $110,171.00 ) supply.

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