Bitcoin price of $ 31.5,000 is on track for the lowest weekend of 2021

Jul 18, 2021

Bitcoin (BTC) is well on its way to losing nearly $ 3,000 this week as mixed price action ends over the weekend.

Bitcoin price of $ 31.5,000 is on course 9 for the lowest weekend of 2021
BTC / USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Traders are hoping for last minute BTC price movements

Data from Cointelegraph Markets Pro and TradingView shows that late Sunday BTC / USD trading is just above $ 31,500 – a potential weekly candle of $ 2,800.

Bitcoin price of $ 31.5,000 tracks the lowest weekend of 2021 11
BTC / USD 1-week candlestick chart (Bitstamp). Source: TradingView

The weekend came as a bit of a surprise as Bitcoin was hovering in a predictable range after seeing its first brief surge above $ 32,000 on Friday.

Although Bitcoin holds the $ 31,000 support and has so far failed to retest $ 30,000, Bitcoin is still on track to close its lowest weekly close since December 2020.

While some traders and analysts expressed dissatisfaction with the spot price movement after floating in the same range for two months, others remained concerned about the possibility of a disruption.

“It wouldn’t surprise me if we got a random move on Bitcoin in the last 2-3 hours of this weekly candle,” Michaël van de Poppe told Twitter followers.

Sunday marks the biggest unlock day in a series of unlocks at the Grayscale Bitcoin Trust ($ GBTC). An event that is expected with great fear, visible effects on price behavior are not yet apparent at the time of writing.

Bitcoin price of $ 31.5,000 is on course 13 for the lowest weekend of 2021
GBTC unlock schedule. Source: Bybt

Altcoins are blocked

Altcoins also looked similarly lackluster on Sunday, with many of the top 50 cryptocurrencies by market cap showing weekly losses similar to Bitcoin’s -8%.

Related: Bitcoin sees second-longest bull market decline with BTC price at $ 30,000

Ether (ETH) is hovering at $ 1,900 to break the lower support zone around $ 100 while Amp (AMP) is making a daily gain of 12%.

Bitcoin price of $ 31.5,000 tracks the lowest weekend of 2021 15
ETH / USD 1-hour candlestick chart (Bitstamp). Source: TradingView

The total capitalization of the crypto market is $ 1.294 trillion, with Bitcoin’s market share at 45.9% slightly lower than it was on Friday.

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