Bitcoin clings to $56K as whales keep buying
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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 60.4% | 84 | $22 734.84 | -4.21% | -0.77% | $438 267 091 241 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 62.4% | 84 | $1 551.77 | -5.32% | -4.66% | $189 896 701 242 |  |
|
| 3 |  USDT |
Tether predictions | 94.4% | 1 | $1.000115 | -0.01% | 0% | $67 783 850 064 |  |
|
| 4 |  BNB |
Binance Coin predictions | 65.6% | 66 | $304.94 | -4.03% | -0.33% | $48 150 478 523 |  |
|
| 5 |  USDC |
USD Coin predictions | 92% | 1 | $1.000034 | 0% | -0.02% | $42 771 015 068 |  |
|
| 6 |  XRP |
XRP predictions | 65.6% | 68 | $0.394979 | -4.53% | -7.82% | $20 066 373 720 |  |
|
| 7 |  BUSD |
Binance USD predictions | 94.8% | 1 | $1.000427 | 0.05% | -0.04% | $15 382 568 581 |  |
|
| 8 |  ADA |
Cardano predictions | 62.8% | 76 | $0.370680 | -6.12% | -1.21% | $12 823 171 668 |  |
|
| 9 |  DOGE |
Dogecoin predictions | 64.4% | 68 | $0.087241 | -2.94% | -1.17% | $11 574 368 244 |  |
|
| 10 |  STETH |
Lido stETH predictions | 93.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 11 |  MATIC |
Polygon predictions | 63.6% | 77 | $1.076001 | -8.14% | 8.30% | $9 398 132 735 |  |
|
| 12 |  SOL |
Solana predictions | 54.8% | 91 | $23.57 | -9.85% | -2.79% | $8 759 130 586 |  |
|
| 13 |  DOT |
Polkadot predictions | 58.4% | 85 | $6.13 | -7.28% | -8.05% | $7 066 700 928 |  |
|
| 14 |  LTC |
Litecoin predictions | 69.2% | 63 | $89.89 | -6.90% | 0.09% | $6 487 767 280 |  |
|
| 15 |  AVAX |
Avalanche predictions | 60% | 81 | $20.08 | -3.59% | 13.31% | $6 320 011 339 |  |
