"He's playing in an important league and at an important club. He's doing very well and I'm not surprised," Ancelotti told reporters on Saturday. "Good players with personality suffer a bit less than the others.
"A player with personality above all, more than quality, means that an important shirt like Real Madrid's doesn't weigh so much."
Ancelotti praised the consistency of Bellingham's performances and believes he will remain grounded despite the increased attention.
"He's a player who's very focused, very serious, very professional," he said. "He's not someone who could lose his head if someone speaks well of him.
"He shows consistency and he has great physical strength. I don't know how many goals he can score, but he has to maintain this consistency because he helps us a lot in our attacking play."
Real host 10th-placed Real Sociedad on Sunday.