Bitcoin (BTC) hovered around $ 54,000 on November 28 as the upcoming weekly close showed signs of a two-month low.
BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView
Buyers are excited about $ 53,000
Cointelegraph Markets Pro and TradingView data followed a quiet 24 hour BTC / USD after the $ 6,000 red candle on Friday.
Despite being calm until Sunday, the pair still fell below important support zone during the weekly period, opening up the potential for its lowest weekend high since late September.
For the trader and analyst Rekt Capital, $ 55,800 should be reclaimed to reverse this, which could still “easily” happen.
Here is #BTC in the weekly timeframe
If BTC now falls below the green demand range, BTC could still close slightly above the green box bottom (~ $ 55,800) requiring BTC to confirm a break back into its wedge structure
Weekly closing around the corner # Crypto #Bitcoin https://t.co/xtl9aN06Ta pic.twitter.com/qJkbYpnB9c
– Rekt Capital (@rektcapital) November 27, 2021
Such a price action was still not enough to scare off bulls as large volume companies from corporations to nation states “buy the dip”.
On Sunday, Alex Mashinsky, founder and CEO of crypto lending platform Celsius, confirmed that he had increased his allocations for both Bitcoin and Ether (ETH).
“I bought BTC and ETH worth almost $ 10 million at the current level to increase my positions,” he told Twitter followers.
“We may see a re-test of $ 53,000 for BTC and $ 4,000 for ETH, but these should be short-term lows as we’re going back to $ 70,000 from here.”
Mashinsky added that if BTC / USD fell below $ 50,000, he would sell 50% of his recent purchases.
Separate data compiled by analyst Willy Woo, meanwhile, fueled interest in buying Bitcoin at current levels.
Even without corporations and exchange traded funds (ETFs), large-volume buyers can be seen this week – in contrast to the atmosphere after similar price drops in 2021.
This is called “Wale BTFD”
Entity data from @glassnode, adjusted for your stocks, corporate treasuries and ETFs. pic.twitter.com/Cg92Wo3NxV
– Willy Woo (@woonomic) November 27, 2021
Not to have any winnings this weekend
Given the ongoing uncertainty about the latest coronavirus strain, there was little delay from the cross-market sell-off on Friday.
Related: Bitcoin AUM falls 9.5%, seeing largest monthly pullback since July
As Cointelegraph reported, this immediately gave both crypto and traditional market sentiment cold feet, with the Crypto Fear & Greed Index returning to the “extreme fear” realm.
The most important altcoins therefore showed no signs of recovery towards the end of the weekend, and the top ten cryptocurrencies by market capitalization were firmly in the red in the weekly timeframe.
ETH / USD stayed above the $ 4,000 mark on Sunday.
ETH / USD 1-hour candle chart (Bitstamp). Source: TradingView