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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.
Bitcoin is heading for its lowest weekly close in more than a month as selling pressure continues to drive the price towards $30,000.
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- 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.
- 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%.
Read more: Market Wrap: Bitcoin Slides Toward $30K, Looks ‘Fragile’
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Bitcoin Rebounds to $93K From Post-Fed Lows, but Altcoins Remain Under Pressure
Downward pressure on bitcoin is losing steam, with the market stabilizing but not yet out of the woods, said one analyst.
What to know:
- Bitcoin rebounded from a sharp early selloff on Thursday to trade above $93,000 shortly after the close of U.S. stocks.
- The late-day gain in bitcoin came alongside a rebound in the Nasdaq from big morning losses; the tech index closed with just a 0.25% loss.
- Downward pressure on bitcoin is losing steam, said one analyst, but the market is not yet out of the woods.
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