Bitcoin faces the risk of its lowest weekly closing price in 2 months, but BTC buyers have up to $53,000 in inventory


Bitcoin (Bitcoin) Hovered around $54,000 on November 28, as the upcoming weekly closing price showed signs of hitting a two-month low.

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

Buyers are keen on $53,000

Data from Cointelegraph Markets Pro with Transaction view After the 6,000 USD red candle on Friday, BTC/USD experienced a 24-hour calm.

Although it remained calm on Sunday, the pair fell below the main support area on the weekly time frame, opening the possibility of the lowest weekend level since the end of September.

For traders and analysts Rekt Capital, $55,800 should be recovered to reverse this situation, which is still “easy” to happen.

Such price action is still not enough to stop the bulls, from companies to large entities replubic nation “Buy at a low price.”

On Sunday, Alex Mashinsky, the founder and CEO of Celsius, a crypto lending platform, confirmed that he has combined Bitcoin and Ether (Ethereum) distribute.

“I bought nearly $10 million worth of BTC and ETH at current levels to increase my position,” he said disclose Twitter fans.

“We may see BTC retest $53,000 and ETH retest $4,000, but this should be a short-term bottom, and we will return to $70,000 from here.”

Mashinsky added that if BTC/USD drops below $50,000, he will sell 50% of his most recent purchase.

At the same time, separate data compiled by analyst Willy Woo has strengthened the interest in buying Bitcoin at current levels.

Even excluding corporates and exchange-traded funds (ETFs), a large number of buyers appeared this week-in stark contrast to the atmosphere following a similar price drop in 2021.

No earnings this weekend

Therefore, due to continued uncertainty about the latest coronavirus strains, Friday’s cross-market sell-off has hardly been alleviated.

related: Bitcoin asset management scale fell by 9.5%, marking its biggest monthly correction since July

As Cointelegraph reported, this immediately caused Retreat Cryptocurrency and traditional market sentiment, and cryptocurrency fear and greed index return Into the realm of “extreme fear”.

Therefore, as the weekend approaches, the major altcoins show no signs of rebounding, and the top ten cryptocurrencies by market capitalization are firmly in a state of loss in the weekly time frame.

On Sunday, ETH/USD managed to stay above $4,000.

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