As the weekly close approached, Bitcoin (BTC), hovered at $54,000 on Nov. 28, with signs that it would hit two-month lows.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Buyers are interested in $53,000
After Friday’s $6,000 red candle, data from TradingView and Cointelegraph Markets Pro showed that BTC/USD had remained quiet for 24 hours.
The pair was quiet on Sunday but it still fell below a significant zone of support for weekly timeframes. This opens up the possibility of the pair’s lowest end-of week levels since September.
Analyst and trader Rekt Capital should claim $55,800 to reverse the situation, which is still possible.
Here’s #BTC on the Weekly timeframe Now dipping below the green demand area$BTC could still easily Weekly Close above the green box bottom (~$55800) which would require BTC to confirm a break back into its wedging structure Weekly Close around the corner#Crypto #Bitcoin https://t.co/xtl9aN06Ta pic.twitter.com/qJkbYpnB9c
— Rekt Capital (@rektcapital) November 27, 2021
This price action did not deter bulls. Large-volume entities, from companies to nations, “buying the dip”
Alex Mashinsky (founder and CEO of Celsius crypto lending platform) confirmed on Sunday that he had increased both his Bitcoin and Ether allocations.
He revealed that he had bought nearly $10 million worth of BTC, ETH and other cryptocurrencies at current levels in order to increase my positions to his Twitter followers.
“We might see a retest at $53K for BTC or $4k for Ethereum, but these should only be temporary bottoms. We can go back to $70k after this.”
Mashinsky stated that he would be selling 50% of his recent purchases if the BTC/USD drops below $50,000.
Separate data, compiled by analyst Willy Woo, meanwhile reinforced interest in Bitcoin at current levels.
Large-volume buyers, even excluding corporations or exchange-traded funds (“ETFs”), are evident this week, in contrast to the atmosphere following similar price drops in 2021.
This one is called “Whales BTFD Entities Data” by @glassnode. It has been adjusted for exchange holdings and ETFs by yours true. pic.twitter.com/Cg92Wo3NxV
— Willy Woo, @woonomic November 27, 2021
This weekend, there are no gains
Despite ongoing uncertainty about the latest Coronavirus strain, Friday’s cross-market sale-off was not a relief.
Related: Bitcoin AUM drops 9.5% to record highest monthly pullback since July
Cointelegraph reported that this caused immediate chill feet in both traditional and crypto market sentiments, with the Crypto Fear & Greed Index returning back to “extreme fear.”
As the weekend came to an end, major altcoins showed no sign of rebound. The top ten cryptocurrencies in market capital were also still stuck in the red on weekly timeframes.
The USD/ETH managed to remain above $4,000 on Sunday.
BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView
Eileen Wilson –Technology and Energy
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