Bitcoin (BTC) was hovering around $ 54,000 on Nov. 28, as the upcoming weekly close showed signs of hitting two-month lows.
Buyers interested in USD 53,000
Data from Cointelegraph Markets Pro and TradingView followed a quiet 24 hours for the BTC / USD pair after Friday’s $ 6,000 red candle.
Although quiet through Sunday, the pair fell below a major support zone on the weekly timeframes, opening up the potential for its lowest weekend levels since late September.
For trader and analyst Rekt Capital, $ 55,800 must be claimed to reverse this, something that could still happen “easily”.
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 (~ $ 55,800) which would require BTC to confirm a break back into its wedging structure
– Rekt Capital (@rektcapital) November 27, 2021
Such price action was still not enough to deter the bulls, with high-volume entities, from corporations to nation states, “buying the dip.”
On Sunday, Alex Mashinsky, founder and CEO of crypto lending platform Celsius, confirmed that he had added Bitcoin and Ether (ETH) to his allotments.
“I bought almost $ 10 million worth of BTC and ETH at current levels to add to my positions,” revealed to Twitter followers.
“We may see a retest of the $ 53,000 level for BTC and $ 4,000 for ETH, but these should be short-term funds with us going back to $ 70,000 from here.”
Mashinsky added that he would sell 50% of his latest purchases if the BTC / USD pair fell below $ 50,000.
In the meantime, Data compiled by analyst Willy Woo bolstered interest in buying Bitcoin at current levels.
Even excluding corporations and exchange-traded funds (ETFs), high-volume buyers are in evidence this week, in contrast to the atmosphere after similar price drops in 2021.
This one is called “Whales BTFD”
– Willy Woo (@woonomic) November 27, 2021
No earnings for this weekend
Therefore, there was little relief from Friday’s cross-market selloff amid ongoing uncertainty about the latest strain of Coronavirus.
As Cointelegraph reported, this inflicted immediate fear on both crypto and traditional market sentiment, and the Crypto Fear & Greed Index returned to “extreme fear” territory.
Therefore, Major altcoins showed no signs of recovery as the weekend drew to a close, the top ten cryptocurrencies by market cap were firmly in the red in the weekly time frames.
The ETH / USD pair managed to stay above the $ 4,000 mark on Sunday.