Bitcoin bulls continue to seek support below $60,000 to keep the market cap at $1 trillion. According to Filbfilb, a Decentrader analyst, the 50 and 100-day moving averages can be decisive.
Bitcoin price analysis
According to data from TradingView, Bitcoin (BTC) price dropped as low as $55,640 on the Bitstamp exchange on November 19. Taking advantage of its lows for more than a month, Bitcoin has since failed to bounce back significantly, and now its price predictions are starting to change.
Filbfilb, an analyst at trading platform Decentrader, warned in his latest YouTube update that the 50-day and 100-day moving average (MA) could help bulls. BTC/USD later surpassed Filn’s initial forecast, leaving the 100-day MA just above $53,000. “I will definitely wait for a longer point at $53,000 again,” he told his analyst followers later, telling his 100 MA protection price chances are “pretty good.”
This level coincides with Bitcoin’s $1 trillion market cap, which was previously thought to be permanent. Meanwhile, interest in Bitcoin derivatives is still high despite the price drop, which has caused problems for Filbfilb and others. He suspects this is down to long-term traders. As a result, Filb awaits either a clean sweep via a kickback or a “cleanup” of their position.
Whales continue to buy at bottom prices
Cryptocoin. com, the third largest BTC address continued to buy this week. After increasing his balance by 207 BTC to $62,000, it was followed by larger accumulations in the form of purchases of 1,647 BTC, 700 BTC and 484 BTC.