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Bitcoin before the lowest weekly closing for 2 months



Bitcoin ( BTC ) has traded past $ 54,000 as of November 28th, making the week's close very likely to hit a two-month low.


Investors seize the opportunity to buy

As data from Cointelegraph Markets Pro and TradingView show, the past 24 hours have been fairly calm for BTC / USD after Friday's crash pushed the market-leading cryptocurrency down by $ 6,000.


Although the course was able to recover, Bitcoin is nonetheless now under an important support area in the weekly chart, which is why the lowest weekly close since mid-September is still looming on Sunday.



Crypto expert Rekt Capital is calling for a surge above $ 55,800 to prevent this from happening. However, BTC could still manage such a jump relatively "easily".


After all, the weak share price does not prevent institutional investors from making further purchases; rather, even state governments are now using the crash as a "buying opportunity".


Alex Mashinsky, the founder and managing director of the Crypto-Sparkasse Celsius, also revealed today that he himself has again invested significantly in Bitcoin and Ether ( ETH ).


"At the current price, I bought BTC and ETH for almost 10 million US dollars," said Mashinsky on Twitter . In this regard, he explains optimistically:


"BTC could go back to $ 53,000 and ETH could drop to $ 4,000, but I only see short-term valleys in that before it goes back towards $ 70,000."

In the event that BTC / USD slips below $ 50,000, however, he wants to sell off half of his new investment straight away.


Meanwhile, crypto analyst Willy Woo refers to data that shows increased buying interest in the current realms (see below).



Even if large companies and index funds (ETFs) are factored out, large investors are currently buying more than rarely. A clear difference to previous downturns in the current year, which is also positive.


The new fear of corona is causing cold feet

For this reason, the crash on Friday, which was largely fueled by the panic about a new Corona variant and also hit the other financial markets, remained largely without consequences.


As Cointelegraph reported, this gave both the crypto market and traditional financial markets cold feet . The Fear & Greed Index, for example, then turned into “ extreme fear ”.


The altcoins are accordingly also in a state of shock, so the top 10 cryptocurrencies are all recently in the red.



After all, ETH / USD has so far managed to stay above the US $ 4,000 mark on Sunday.


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