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

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

Buyers interested in $ 53,000

Data of Cointelegraph Markets Pro 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 should be recovered to reverse this, something that could still happen "easily".

Here it is #BTC in the weekly time frame

Now dipping below the green demand area$ BTC could still easily close weekly above the bottom of the green box (~ $ 55,800), which would require BTC to confirm a breakout in its wedge structure

Weekly closing around the corner#Crypto #Bitcoin https://t.co/xtl9aN06Ta pic.twitter.com/qJkbYpnB9c

- Rekt Capital (@rektcapital) November 27, 2021

Such price action was still not enough to deter bulls, with high-volume entities from companies to Nation states "buying the dip".

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

"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.

This is called "Whales BTFD"

Entity data by @glassnode, adjusted for foreign exchange holdings, corporate treasury, and ETFs for yours. pic.twitter.com/Cg92Wo3NxV

- Willy Woo (@woonomic) November 27, 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 the biggest monthly retracement since July

As Cointelegraph reported, this immediately inflicted cold feet on traditional and crypto market sentiment, with the Crypto Fear & Greed index coming back into "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.