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Bitcoin closes above USD 57,000 week despite new Covid variant fears

Bitcoin hovered around $ 54,000 on November 28, but the bulls eventually managed to close the week at $ 57.274.

BTC Price Chart 1W | Source: TradingView

TradingView data tracked BTC after the $ 6,000 red candle on Friday November 26th.

Such price action is still not enough to stop the bulls as high volume companies range from companies to countries that bought the dip.

On Sunday (November 28th) Alex Mashinsky, founder and CEO of the crypto lending platform Celsius, confirm that added both Bitcoin and Ether to his investment.

“I bought almost $ 10 million worth of bitcoin and ether at the current level. We could see a retest of $ 53,000 for Bitcoin and $ 4,000 for Ether, but this will be a short-term low and we’ll be back at $ 70,000 from here. “

Mashinsky also added that if Bitcoin falls below $ 50,000, he will sell 50% of his last purchase.

Separate data compiled by analyst Willy Woo has fueled interest in buying Bitcoin at the current level.

Even without corporations and exchange traded funds (ETFs), volume buyers were very present this week – in contrast to the atmosphere after a similar decline in 2021.

https://twitter.com/woonomic/status/1464596320983814153?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“This is“ Wale BTFD ”. Data from Glassnode showing corrections for stocks in exchanges, corporate treasuries and ETFs. “

Hence, there is little regret about the cross-market sell-off on Friday given the ongoing uncertainty about the latest Covid-19 strain.

As Bitcoin magazine reported, this immediately caused panic in the mood of the traditional and crypto market, with the Crypto Fear & Greed Index falling back into the realm of “extreme fear”.

As a result, the big altcoins are showing no signs of recovery after the weekend ends, and the top 10 cryptocurrencies by market cap are solidly in the red on the weekly timeframe.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.