Bitcoin’s prior support levels gave way overnight, with the world’s largest cryptocurrency dropping to a low of $55,640 on Bitstamp on Friday, as per data from Cointelegraph Markets Pro and TradingView.

Following its lowest levels in more than a month, Bitcoin hasn’t managed a significant bounce since, leading price forecasts to also start to change.

According to Decentrader analyst, Filbfilb, the 50-day and 100-day moving average (DMA) could be the only thing to help bulls. 

BTC/USD subsequently dropped through the 50-day moving average, leaving the 100-day moving average just over $53,000.

“I’m definitely going to go spot long at $53,000 again,” according to the analyst, who went on to add that the chances of the 100-day moving average protecting price were “reasonably good.”

This level coincides with Bitcoin’s $1 trillion market cap valuation, according to a Cointelegraph report.

Moreover, looking at blockchain data, the third-biggest Bitcoin address has continued to buy this week. After increasing the balance by 207 Bitcoin at $62,000, there were subsequent larger accumulations totalling 1,647 BTC, 700 BTC and 484 BTC purchases.

As previously reported by Cointelegraph, Bitcoin investors who purchased the digital currency over the last six to 12 months were determined not to sell.

Even at record highs selling stayed at a low level, with the one-year hodl making up the largest proportion of the current Bitcoin supply.

According to on-chain analyst William Clemente earlier this week, dormancy flow — Bitcoin’s market capitalisation divided by annualized dormancy — remains low near BTC/USD all-time highs.

High dormancy signals older coins being spent. Clemete stated: “Seeing dormancy flow currently so low means older coins remain relatively dormant,” he said on Twitter.

“This Bitcoin bull market still has a ways to go according to the metric,” he added.