Bitcoin
BTC$22 734.84

-4.21%

Ethereum
ETH$1 551.77

-5.32%

Tether
USDT$1.000115

-0.01%

Binance Coin
BNB$304.94

-4.03%

USD Coin
USDC$1.000034

0%

XRP
XRP$0.394979

-4.53%

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 60.4% 84 $22 734.84 -4.21% -0.77% $438 267 091 241 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 62.4% 84 $1 551.77 -5.32% -4.66% $189 896 701 242 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $1.000115 -0.01% 0% $67 783 850 064 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 65.6% 66 $304.94 -4.03% -0.33% $48 150 478 523 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000034 0% -0.02% $42 771 015 068 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 65.6% 68 $0.394979 -4.53% -7.82% $20 066 373 720 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $1.000427 0.05% -0.04% $15 382 568 581 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 62.8% 76 $0.370680 -6.12% -1.21% $12 823 171 668 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 64.4% 68 $0.087241 -2.94% -1.17% $11 574 368 244 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 93.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 63.6% 77 $1.076001 -8.14% 8.30% $9 398 132 735 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 54.8% 91 $23.57 -9.85% -2.79% $8 759 130 586 SOL 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 58.4% 85 $6.13 -7.28% -8.05% $7 066 700 928 DOT 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 69.2% 63 $89.89 -6.90% 0.09% $6 487 767 280 LTC 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 60% 81 $20.08 -3.59% 13.31% $6 320 011 339 AVAX 7 days price change

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