Bitcoin (BTC) hovered round $54,000 on Nov. 28 because the upcoming weekly close confirmed indicators of hitting two-month lows.
BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView
Buyers eager at $53,000
Information from Cointelegraph Markets Professional and TradingView adopted a quiet 24 hours for BTC/USD after Friday’s $6,000 pink candle.
Though quiet into Sunday, the pair nonetheless dipped under a serious zone of help on weekly timeframes, opening up the potential for its lowest end-of-week ranges since late September.
For dealer and analyst Rekt Capital, $55,800 needs to be reclaimed to reverse this, one thing which might nonetheless “simply” happen.
This is #BTC on the Weekly timeframe
Now dipping under the inexperienced demand space$BTC might nonetheless simply Weekly Close above the inexperienced field backside (~$55800) which might require BTC to substantiate a break again into its wedging construction
— Rekt Capital (@rektcapital) November 27, 2021
Such value motion was nonetheless not sufficient to discourage bulls, with large-volume entities from companies to nation states “shopping for the dip.”
On Sunday, Alex Mashinsky, founder and CEO of crypto lending platform Celsius, confirmed that he had added to each his Bitcoin and Ether (ETH) allocations.
“I purchased virtually $10m price of BTC and ETH at the present ranges so as to add to my positions,” he revealed to Twitter followers.
“We may even see a retest of $53K for BTC and $4k for ETH but these needs to be brief time period bottoms with us going again to $70k from right here.”
Mashinsky added that he would promote 50% of his newest purchases ought to BTC/USD dive under $50,000.
Separate knowledge compiled by analyst Willy Woo in the meantime strengthened the curiosity in shopping for Bitcoin at present ranges.
Even excluding firms and exchange-traded funds (ETFs), large-volume buyers are in proof this week — in distinction to the ambiance after comparable value dips in 2021.
This one is named “Whales BTFD”
— Willy Woo (@woonomic) (*2*)November 27, 2021
No positive factors available this weekend
There was thus little reprieve from Friday’s cross-market sell-off amid ongoing uncertainty over the newest Coronavirus pressure.
Associated: Bitcoin AUM falls 9.5% to document largest month-to-month pullback since July
As Cointelegraph reported, this inflicted speedy chilly ft on each crypto and conventional market sentiment, with the Crypto Concern & Greed Index returning to “excessive worry” territory.
Main altcoins thus confirmed no indicators of a rebound because the weekend drew to a close, the highest ten cryptocurrencies by market cap firmly in the pink on weekly timeframes.
ETH/USD managed to remain above the $4,000 mark on Sunday.
ETH/USD 1-hour candle chart (Bitstamp). Supply: TradingView