BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

A $53,000 price tag appealed to buyers

BTC/USD experienced a quiet 24 hours after Friday’s $6,000 red candle, according to Cointelegraph Markets Pro

and TradingView .

On the weekly timeframe, the pair slipped below a major zone of support, potentially leading to its lowest levels since late September at the end of the week, despite the quiet weekend.

According to trader and analyst Rekt Capital, $55,800 should be reclaimed to reverse this, which is still a possibility.

Such price action was still not enough to deter bulls, with large-volume entities from businesses to nation states “buying the dip.”

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

“I bought almost $10m worth of BTC and ETH at the current levels to add to my positions,” he revealed to Twitter followers.

“We may see a retest of $53K for BTC and $4k for ETH but these should be short term bottoms with us going back to $70k from here.”

Mashinsky added that he would sell 50% of his latest purchases should BTC/USD dive below $50,000.

Separate data compiled by analyst Willy Woo meanwhile reinforced the interest in buying Bitcoin at current levels.

Even excluding corporations and exchange-traded funds (ETFs), large-volume buyers are in evidence this week — in contrast to the atmosphere after similar price dips in 2021.

This weekend will not bring any gains

With ongoing uncertainty surrounding the latest Coronavirus strain, there was little respite from Friday’s cross-market sell-off.

As Cointelegraph reported, this inflicted immediate cold feet on both crypto and traditional market sentiment, with the Crypto Fear & Greed Index returning to “extreme fear” territory.

Major altcoins thus showed no signs of a rebound as the weekend drew to a close, the top ten cryptocurrencies by market cap firmly in the red on weekly timeframes.

ETH/USD managed to stay above the $4,000 mark on Sunday.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView