Tuesday, August 16

Bitcoin Risks Lowest Weekly Close in 2 Months, But BTC Buyers Stock Up to $ 53K

Bitcoin (BTC) was hovering around $ 54,000 on November 28, as the next weekly close showed signs of hitting two-month lows.

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

Buyers interested in $ 53,000

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

Although quiet through Sunday, the pair fell below a major support zone on the weekly timeframes, opening up the potential for its lowest weekend levels since late September.

For trader and analyst Rekt Capital, $ 55,800 must be claimed to reverse this, something that could still happen “easily.”

Such price action was still not enough to deter the bulls, with high-volume entities, from corporations to nation states, “buying the dip.”

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

“I bought almost $ 10 million worth of BTC and ETH at current levels to add to my positions,” he said. revealed to Twitter followers.

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

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

Meanwhile, separate data compiled by analyst Willy Woo bolstered interest in buying Bitcoin at current levels.

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

No earnings for this weekend

Thus, there was little relief from Friday’s cross-market sell-off amid ongoing uncertainty about the latest strain of Coronavirus.

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, and the Crypto Fear & Greed Index returned to “extreme fear” territory.

Thus, the major altcoins showed no signs of recovery as the weekend drew to a close, the top ten cryptocurrencies by market capitalization were firmly in the red in the weekly time frames.

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

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