Bitcoin (BTC) hovered around $ 54,000 on November 28, as the upcoming weekly close showed signs of hitting the two-month low.
Buyers want $ 53,000
Data from Cointelegraph Markets Pro and TradingView followed a quiet 24 hours for BTC / USD after Friday’s $ 6,000 red light.
Although quiet on Sunday, the pair nonetheless dived below a larger zone with support on weekly time frames, opening the potential for its lowest end of the week since late September.
For traders and analyst Rekt Capital, $ 55,800 should be repaid to reverse this, something that can still “easily” occur.
Here is #BTC on the weekly time frame
Now diving under the green demand area$ BTC could still easily Weekly close over the green box bottom (~ $ 55800), which would require BTC to confirm a break back in its wedge 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 volumes of devices from companies to nation states “buy the dip.”
On Sunday, Alex Mashinsky, founder and CEO of the cryptocurrency lending platform Celsius, confirmed that he had added both his Bitcoin and Ether (ETH) awards.
“I bought almost $ 10 million of BTC and ETH at current levels to add to my positions,” he said. revealed to Twitter followers.
“We may see a $ 53,000 genetic test for BTC and $ 4,000 for ETH, but these should be short-term bottoms where we go back to $ 70,000 from here.”
Mashinsky added that he would sell 50% of his recent purchases if BTC / USD dive below $ 50,000.
Separate data collected by analyst Willy Woo, meanwhile, boosted interest in buying Bitcoin at current levels.
Even exclusive companies and exchange traded funds (ETFs), large volumes of buyers are evident this week – in contrast to the atmosphere after similar price declines in 2021.
This is called “Whales BTFD”
Units data after @glassnode, adjusted for stock exchanges, corporate treasuries and ETFs by yours truly. pic.twitter.com/Cg92Wo3NxV
– Willy Woo (@woonomic) November 27, 2021
No win to pick up this weekend
Thus, there was little respite from Friday’s cross-market sale amid persistent uncertainty about the latest Coronavirus strain.
Related: Bitcoin AUM is down 9.5% to record the largest monthly withdrawal since July
As Cointelegraph reported, this applied immediately cold feet on both crypto and traditional market sentiment with Crypto Fear & Greed Index returns to “extreme fear” territory.
Large altcoins thus showed no sign of recovery as the weekend neared its end and the top ten cryptocurrencies by market value stood firm in red on weekly time frames.
The ETH / USD managed to stay above the $ 4,000 mark on Sunday.
