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Bitcoin (Bitcoin) Hovered around $54,000 on November 28, as the upcoming weekly closing price showed signs of hitting a two-month low.
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.
This is #BTC Within the weekly time frame
Now lower than the green demand areaBitcoin It is still easy for the weekly closing price to be higher than the bottom of the green box (approximately $55,800), which will require the confirmation of BTC to break its wedge structure
Closed around the corner every week#encryption #Bitcoin https://t.co/xtl9aN06Ta pic.twitter.com/qJkbYpnB9c
— Rekt Capital (@rektcapital) November 27, 2021
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.
This is called “Whales BTFD”
Entity data by @Glass node, Really adjust according to your exchange holdings, corporate treasury bonds and ETFs. pic.twitter.com/Cg92Wo3NxV
— Willie Hu (@woonomic) November 27, 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.
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