Bitcoin bulls are still going through some tough times, with the trillion-dollar market cap being the next line of defense. As historical support levels fall way overnight, Bitcoin (BTC) demands a “slightly negative” rethink on price movement.
Filbfilb, an expert at trading platform Decentrader, warned that bulls may only be aided by the 50-day and 100-day moving averages (DMA).
Bitcoin Price Chart – Source: CoinMarketCap
BTC/USD then broke over the initial resistance level, leaving just the 100DMA at $53,000.
“I’m absolutely going spot long at $53,000 again,” he informed viewers after claiming that the odds of the 100DMA protecting the price were “pretty strong.”Meanwhile, despite the price drop, the still significant open interest on Bitcoin futures is causing headaches for Filbfilb and others.
He believes this is due to traders holding long positions, with the consequence being either a clean sweep via a comeback or a “flushing out” of their positions.
On other large exchanges, funding rates remained elevated as well, signaling that higher prices are expected to return. Some large-volume hodlers are putting their money where their mouth is in other places.
Selling remained modest even at all-time highs, with the one-year hodl accounting for the majority of the current Bitcoin supply.