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Bitcoin Heads for Its Worst Weekly Close in Over a Month

Should the cryptocurrency close at or below current prices, that would represent the steepest weekly sell-off since June 14.

Jul 16, 2021 at 8:09 a.m. UTC
Updated Sep 14, 2021 at 1:26 p.m. UTC

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

  • At press time, the cryptocurrency is changing hands at $31,680.31, a 2.9% decline from the 24-hour top of $32,614.24, CoinDesk data shows.
  • 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.

Bitcoin weekly chart

  • 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%.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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