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

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Bitcoin (BTC) hovered round $54,000 on Nov. 28 because the upcoming weekly shut confirmed indicators of hitting two-month lows.

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

Patrons eager at $53,000

Information from Cointelegraph Markets Pro and TradingView adopted a quiet 24 hours for BTC/USD after Friday’s $6,000 crimson candle.

Though quiet into Sunday, the pair nonetheless dipped beneath 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 must be reclaimed to reverse this, one thing which might nonetheless “simply” happen.

Such worth 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 nearly $10m value of BTC and ETH on 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 however these must be quick 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 beneath $50,000.

Separate information compiled by analyst Willy Woo in the meantime bolstered the curiosity in shopping for Bitcoin at present ranges.

Even excluding companies and exchange-traded funds (ETFs), large-volume patrons are in proof this week — in distinction to the environment after related worth dips in 2021.

No positive aspects 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 record largest monthly pullback since July

As Cointelegraph reported, this inflicted rapid cold feet 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 an in depth, the highest ten cryptocurrencies by market cap firmly within the crimson on weekly timeframes.

ETH/USD managed to remain above the $4,000 mark on Sunday.

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