WILLIAM SUBERG

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

Bitcoin remains attractive for seasoned hodlers, as $50,000 now becomes the point at which confidence could turn to anxiety.

MARKET UPDATE

Bitcoin (BTC) hovered around $54,000 on Nov. 28 as the upcoming weekly close showed signs of hitting two-month lows.

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

Buyers keen at $53,000

Data from Cointelegraph Markets Pro and TradingView followed a quiet 24 hours for BTC/USD after Friday's $6,000 red candle.

Although quiet into Sunday, the pair nonetheless dipped below a major zone of support on weekly timeframes, opening up the potential for its lowest end-of-week levels since late September.

For trader and analyst Rekt Capital, $55,800 should be reclaimed to reverse this, something which could still "easily" occur.

Such price action was still not enough to deter bulls, with large-volume entities from businesses to nation states "buying the dip."

On Sunday, Alex Mashinsky, founder and CEO of crypto lending platform Celsius, confirmed that he had added to both his Bitcoin and Ether (ETH) allocations. 

"I bought almost $10m worth of BTC and ETH at the current levels to add to my positions," he revealed to Twitter followers.

"We may see a retest of $53K for BTC and $4k for ETH but these should be short term bottoms with us going back to $70k from here."

Mashinsky added that he would sell 50% of his latest purchases should BTC/USD dive below $50,000.

Separate data compiled by analyst Willy Woo meanwhile reinforced the interest in buying Bitcoin at current levels.

Even excluding corporations and exchange-traded funds (ETFs), large-volume buyers are in evidence this week — in contrast to the atmosphere after similar price dips in 2021.

No gains to be had this weekend

There was thus little reprieve from Friday's cross-market sell-off amid ongoing uncertainty over the latest Coronavirus strain.

Related: Bitcoin AUM falls 9.5% to record largest monthly pullback since July

As Cointelegraph reported, this inflicted immediate cold feet on both crypto and traditional market sentiment, with the Crypto Fear & Greed Index returning to "extreme fear" territory.

Major altcoins thus showed no signs of a rebound as the weekend drew to a close, the top ten cryptocurrencies by market cap firmly in the red on weekly timeframes.

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

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