Bitcoin clings to $56K as whales keep buying amid bearish market
Bitcoin is demanding a “slightly bearish” rethink on price action as old support levels give way overnight, suggests the leading markets.
Bitcoin is trading around $56,900, down 4% over 24 hours and more than 11 down over the last 7 days, according to CoinMarketCap.
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.
That level coincides with Bitcoin’s $1-trillion market capitalization valuation, something which was previously held to be permanent. Funding rates likewise remained elevated on some major exchanges, indicating expectations of higher prices returning.
Elsewhere, some large-volume holders 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.
Even at all-time highs, selling remained low, with the one-year hodl accounting for the largest proportion of the current Bitcoin supply.