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, $55,800 should be reclaimed to reverse this, something which could still “easily” occur.
Here’s #BTC on the Weekly timeframe
Now dipping below the green demand area$BTC could still easily Weekly Close above the green box bottom (~$55800) which would require BTC to confirm a break back into its wedging structure
Weekly Close around the corner#Crypto #Bitcoin https://t.co/xtl9aN06Ta pic.twitter.com/qJkbYpnB9c
— Rekt Capital (@rektcapital) November 27, 2021
Such price action was still not enough to deter bulls, with large-volume entities from businesses to nation states “buying the dip.”
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.
This one is called “Whales BTFD”
Entities data by @glassnode, adjusted for exchange holdings, corporate treasuries and ETFs by yours truly. pic.twitter.com/Cg92Wo3NxV
— Willy Woo (@woonomic) November 27, 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.
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