Bitcoin
BTC$44 191.65

2.28%

Ethereum
ETH$2 384.27

1.22%

Tether
USDT$1.000286

0.02%

XRP
XRP$0.691977

7.73%

Binance Coin
BNB$244.21

4.75%

Solana
SOL$77.33

7.81%

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 83.2% 32 $44 191.65 2.28% 14.09% $864 601 373 120 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 77.2% 36 $2 384.27 1.22% 13.64% $286 631 337 595 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000286 0.02% -0.01% $90 361 522 312 USDT 7 days price change
4 XRP (XRP) XRP XRP predictions 81.6% 28 $0.691977 7.73% 12.59% $37 337 342 228 XRP 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 85.2% 18 $244.21 4.75% 6.78% $37 045 963 060 BNB 7 days price change
6 Solana (SOL) SOL Solana predictions 80.8% 38 $77.33 7.81% 24.47% $32 939 078 279 SOL 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $0.999988 -0.01% 0.01% $24 499 538 291 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 81.2% 37 $0.621468 30.58% 60.61% $21 949 609 212 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 74.4% 53 $0.104135 6.51% 24.05% $14 803 690 586 DOGE 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 75.6% 50 $32.83 21.42% 48.15% $12 006 820 565 AVAX 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 TRON (TRX) TRX TRON predictions 94% 7 $0.108469 2.71% 4.89% $9 596 597 053 TRX 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 77.6% 38 $17.23 7.97% 9.25% $9 592 622 058 LINK 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 90.4% 7 $0.107924 2.30% 4.39% $9 548 377 600 WTRX 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 78% 38 $7.54 20.76% 36.96% $9 456 502 227 DOT 7 days price change

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