Bitcoin
BTC$66 503.40

-0.65%

Ethereum
ETH$3 078.67

-1.28%

Tether
USDT$1.000029

-0.03%

Binance Coin
BNB$573.51

-1.19%

Solana
SOL$170.51

-1.50%

USD Coin
USDC$1.000043

-0.01%

Bitcoin clings to $56K as whales keep buying


19 Nov 2021

#Bitcoin

Testing times continue for Bitcoin bulls with the trillion-dollar market cap next up for support. Bitcoin (BTC) is demanding a “slightly bearish” rethink on price action as old support levels give way overnight. 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 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’s $1 trillion market cap valuation, something which was previously held to be permanent. Causing problems for Filbfilb and others, meanwhile, is the still high open interest on Bitcoin 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. Funding rates likewise remained elevated on some major exchanges, indicating expectations of higher prices returning.

Whales (keep) buying the dip

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


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 84.8% 19 $66 503.40 -0.65% 8.34% $1 310 162 140 242 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 88.4% 20 $3 078.67 -1.28% 5.59% $369 830 375 839 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000029 -0.03% 0.04% $111 438 173 122 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 89.6% 6 $573.51 -1.19% -3.22% $84 642 569 477 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 75.2% 42 $170.51 -1.50% 19.27% $76 556 546 641 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94% 1 $1.000043 -0.01% 0.01% $33 496 798 629 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 88.8% 8 $0.510333 -2.19% 2.41% $28 215 770 436 XRP 7 days price change
8 Toncoin (TON) TON Toncoin predictions 70.8% 65 $6.28 -2.41% -10.36% $21 813 613 872 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 80% 30 $0.149658 -2.79% 6.73% $21 604 956 344 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 86% 23 $0.465359 -3.02% 6.95% $16 604 076 150 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 80.4% 41 $0.000024 -4.04% 7.28% $13 986 369 705 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 80% 38 $35.58 -4.98% 8.51% $13 620 879 971 AVAX 7 days price change
13 TRON (TRX) TRX TRON predictions 86% 21 $0.121132 -1.02% -4.68% $10 591 997 443 TRX 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 85.6% 18 $0.121054 -1.15% -4.68% $10 585 118 485 WTRX 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 89.2% 18 $66 386.79 -0.80% 8.28% $10 322 918 427 WBTC 7 days price change

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