Bitcoin (BTC) is demanding a "slightly bearish" rethink on price action as one-time support levels requite way overnight.

BTC/USD 1-hr candle chart (Bitstamp). Source: TradingView

Analysts sound alarm over open involvement

Data from Cointelegraph Markets Pro and TradingView showed a low of $55,640 on Bitstamp on Nov. nineteen.

Capitalizing on its lowest levels in over a calendar month, Bitcoin has failed to bounce significantly since — and at present cost forecasts are kickoff to change with it.

In his latest YouTube update, Filbfilb, an analyst at trading platform Decentrader, warned that 50-twenty-four hours and 100-solar day moving average (DMA) may be all that can aid bulls.

BTC/USD and then savage through the offset, leaving just the 100DMA at but to a higher place $53,000.

"I'yard definitely going to go spot long at $53,000 once more," he told viewers, having said that the chances of the 100DMA protecting price were "reasonably adept."

That level coincides with Bitcoin's $1-trillion market capitalization valuation, something which was previously held to be permanent.

Causing problems for Filbfilb and others, meanwhile, is the withal high open interest on Bitcoin derivatives in spite of the price comedown.

This, he suspects, is down to traders taking longs — and the event will be either a clean sweep via a rebound or a "flushing out" of their positions.

Bitcoin futures open involvement chart. Source: Coinglass

Funding rates likewise remained elevated on some major exchanges, indicating expectations of college prices returning.

Bitcoin funding rates chart. Source: Coinglass

Whales (keep) ownership the dip

Elsewhere, some big-book hodlers are putting their money where their oral fissure is.

Related: Traders say Bitcoin'south drop to $57K is an 'attractive entry' for hodlers

According to blockchain data, the third-largest BTC accost has continued to buy this week. Afterward increasing its balance past 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-12-calendar month period remain adamant not to sell their coins.

Even at all-time highs, selling remained low, with the 1-year hodl accounting for the largest proportion of the current Bitcoin supply.