Bitcoin (BTC) was hovering around $54,000 on November 28 when the upcoming weekly close showed signs of reaching a two-month low.
1 hour BTC/USD light chart (bit print). Source: TradingView
Buyers yearn for $53,000
Cointelegraph Markets Pro and TradingView data quietly followed BTC/USD 24 hours after Friday’s red candle of $6000.
Although it was quiet on Sunday, the pair is still falling below a large support area on the weekly time frame, opening the possibility of reaching the lowest end of the week since late September.
According to a trader and analyst at Rekt Capital, $55,800 should be returned to fix this, which can still “easily” happen.
These pricing measures are still not enough to contain the bulls, as large amounts of sales from companies to nation states have been buying on the flip side.
On Sunday, Alex Mashinsky, founder and CEO of crypto lending platform Celsius, confirmed that he has added both Bitcoin and Ether (ETH).
He told his Twitter followers, “I have bought close to $10M worth of BTC and ETH at current levels to increase my site.”
“We may see a retest of $53,000 for BTC and $4,000 for ETH, but that should be a short-term bottom and from here we go back to $70K.”
Mashinsky added that he will sell 50% of his recent purchases if BTC/USD drops below $50,000.
Meanwhile, individual data compiled by analyst Willy Wu boosted interest in buying bitcoin at current levels.
Even excluding companies and exchange-traded funds (ETFs), there will be plenty of buyers this week — unlike the weather after a similar price drop in 2021.