Bitcoin’s weekly lows were at $5,304 as it fell below its 200-day moving average for the first time this year. However, investors remain bullish and continue to pile into Bitcoin with a current market cap of over $60 billion.
The “bitcoin price” has been on a downward trend for the past two months. The lowest weekly close in 2 months was seen this week at $53,000. However, buyers are still stocking up on bitcoin at these prices.
On Nov. 28, Bitcoin (BTC) was hovering around $54,000, with the next weekly close indicating that it may reach two-month lows.
1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.
Buyers are interested in $53,000.
Following Friday’s $6,000 red candle, data from Cointelegraph Markets Pro and TradingView revealed a calm 24 hours for BTC/USD.
Despite remaining calm into Sunday, the pair fell below a significant zone of support on weekly timeframes, indicating the possibility of the pair’s lowest end-of-week levels since late September.
$55,800 should be regained by trader and analyst Rekt Capital to reverse this, which might still happen “easy.”
On a weekly timeline, here’s #BTC.
BTC may still easily Weekly Close above the green box bottom ($55800) despite now sliding below the green demand region, which would need BTC to confirm a break back into its wedging structure.
The Weekly Close is just around the corner. https://t.co/xtl9aN06Ta pic.twitter.com/qJkbYpnB9c #Crypto #Bitcoin
November 27, 2021 — Rekt Capital (@rektcapital)
Bulls were undeterred by such price action, with large-volume organizations ranging from enterprises to nation governments “buying the drop.”
Alex Mashinsky, the founder and CEO of cryptocurrency lending platform Celsius, acknowledged on Sunday that he had increased his Bitcoin and Ether (ETH) holdings.
“At the present values, I acquired over $10 million worth of BTC and ETH to add to my holdings,” he told his Twitter followers.
“We might see a retest of $53K for BTC and $4k for ETH, but these are likely to be short-term bottoms, with us returning to $70k from here.”
Mashinsky further said that if BTC/USD falls below $50,000, he would sell half of his recent acquisitions.
Separate statistics provided by expert Willy Woo, on the other hand, bolstered the case for purchasing Bitcoin at present values.
Large-volume purchases are in evident this week, even omitting businesses and exchange-traded funds (ETFs), in contrast to the mood following comparable price drops in 2021.
“Whales BTFD” is the title of this one.
@glassnode provided the entities data, which I corrected for exchange holdings, corporate treasuries, and ETFs. pic.twitter.com/Cg92Wo3NxV
November 27, 2021 — Willy Woo (@woonomic)
There will be no gains this weekend.
As a result, there was no respite from Friday’s cross-market sell-off, which was fueled by continued anxiety over the current Coronavirus strain.
Bitcoin’s AUM has dropped 9.5 percent this month, marking the greatest monthly drop since July.
As reported by Cointelegraph, this threw both crypto and conventional market sentiment into a tailspin, with the Crypto Dread & Greed Index reverting to “severe fear” zone.
As the weekend came to a conclusion, major altcoins showed little signs of recovery, with the top 10 cryptocurrencies by market size solidly in the red on weekly timescales.
On Sunday, ETH/USD managed to hold over the $4,000 barrier.
1 hour candle chart of ETH/USD (Bitstamp). TradingView is the source of this information.
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The “dogecoin price” is a cryptocurrency that has seen its lowest weekly close in 2 months at $53K. Despite this, buyers are stocking up on the currency because of the increased value.
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