Bitcoin risks lowest weekly close in 2 months but BTC buyers stock up at $53K

CoinTelegraph

Bitcoin (BTC) hovered around $54,000 on Nov. 28 as the upcoming weekly close showed signs of hitting two-month lows.

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

Buyers keen at $53,000

Data from Cointelegraph Markets Pro and TradingView followed a quiet 24 hours for BTC/USD after Friday’s $6,000 red candle.

Although quiet into Sunday, the pair nonetheless dipped below a major zone of support on weekly timeframes, opening up the potential for its lowest end-of-week levels since late September.

For trader and analyst Rekt Capital, $55,800 should be reclaimed to reverse this, something which could still “easily” occur.

Such price action was still not enough to deter bulls, with large-volume entities from businesses to nation states “buying the dip.”

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On Sunday, Alex Mashinsky, founder and CEO of crypto lending platform Celsius, confirmed that he had added to both his Bitcoin and Ether (ETH) allocations. 

“I bought almost $10m worth of BTC and ETH at the current levels to add to my positions,” he revealed to Twitter followers.

“We may see a retest of $53K for BTC and $4k for ETH but these should be short term bottoms with us going back to $70k from here.”

Mashinsky added that he would sell 50% of his latest purchases should BTC/USD dive below $50,000.

Separate data compiled by analyst Willy Woo meanwhile reinforced the interest in buying Bitcoin at current levels.

Even excluding corporations and exchange-traded funds (ETFs), large-volume buyers are in evidence this week — in contrast to the atmosphere after similar price dips in 2021.

No gains to be had this weekend

There was thus little reprieve from Friday’s cross-market sell-off amid ongoing uncertainty over the latest Coronavirus strain.

Related: Bitcoin AUM falls 9.5% to record largest monthly pullback since July

As Cointelegraph reported, this inflicted immediate cold feet on both crypto and traditional market sentiment, with the Crypto Fear & Greed Index returning to “extreme fear” territory.

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Major altcoins thus showed no signs of a rebound as the weekend drew to a close, the top ten cryptocurrencies by market cap firmly in the red on weekly timeframes.

ETH/USD managed to stay above the $4,000 mark on Sunday.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

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Author: William Suberg


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