Bitcoin Heads for Its Worst Weekly Close in Over a Month

Bitcoin Heads for Its Worst Weekly Close in Over a Month

Bitcoin is heading for its lowest weekly close in more than a month as selling pressure continues to drive prices toward $30,000.

  • At press time, the cryptocurrency is changing hands for $31,680.31, a 2.9% decline from the 24-hour top of $32,614.24, CoinDesk data show.
  • Should the current candle close at or below this level, that would mark the steepest weekly sell-off since June 14.
  • Thursday's drop was bitcoin's biggest in over 10 days, as it fell, once again, alongside the U.S. equities market.
  • A drop below the $31,000 daily support level may result in a deeper drawdown to $28,600 based on June 22's prior low.
  • Low volume, as indicated in Thursday's four-hour view, is consistent with a lack of trading interest in the short-term.
  • Traditional equities in Asia were mixed, with most markets reflecting a change of less than 1%.
  • Source