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


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

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

Buyers eager for $ 53,000

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

While calm through Sunday, the pair nonetheless plunged below a major support area on weekly calendars, opening up the possibility of its lowest weekend lows since late September.

For trader and analyst Rekt Capital, $ 55,800 should be clawed back to reverse the trend, which could still happen “easily”.

Such price action was still not enough to deter the bulls, with high volume entities, nation-state companies “buying the bearish.”

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

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

“We could see a retest of $ 53,000 for BTC and $ 4,000 for ETH, but these should be near-term lows, getting us back to $ 70,000 from here.”

Mashinsky added that he would sell 50% of his last buys if BTC / USD plunged below $ 50,000.

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

Even excluding companies and exchange-traded funds (ETFs), large-volume buyers are in the spotlight this week – unlike the atmosphere after similar price drops in 2021.

No earnings to be made this weekend

So there has been little respite from Friday’s massive sell-off amid lingering uncertainty over the latest strain of coronavirus.

Related: Bitcoin AUM Falls 9.5% to Record Biggest Monthly Decline Since July

As Cointelegraph reported, this immediately caused a chill in both crypto and mainstream market sentiment, with the Crypto Fear & Greed Index returning to “extreme fear” territory.

Major altcoins therefore showed no signs of rebounding at the end of the weekend, with the top ten cryptocurrencies by market cap firmly in the red on weekly timeframes.

ETH / USD managed to stay above the $ 4000 mark on Sunday.

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