Bitcoin, the world’s largest cryptocurrency, posted its lowest weekly close since December 2020.
Last week, King Coin fell 7.65% to $ 31,675. This is the largest weekly decline since mid-June, when it lost 9.05% between June 14-21.
Bitcoin’s main $ 30,000 support currently looks increasingly fragile, with Guggenheim’s Scott Minerd recently warning that BTC could soon lose that support.
Beyond the ominous technical picture, bearish data on the chain amplifies the dire outlook.
Bitcoin net inflows recently rose to a five-month high of 28.7k, with Coinbase capturing most of that market share, according to data provided by CryptoQuant.
$ BTC Netflow hits 5 month high
– The net flow of all exchanges reaches a 5-month high of 28.7K
– Much of the net flow came from Coinbase
– CryptoQuant.com (@cryptoquant_com) July 19, 2021
A potential downside is the unlocks of Grayscale’s GBTC share. Yesterday (July 18) was the biggest day of the unlock in a series of GBTC unlocks. This is an event that attracts mixed opinions from experts, but at the time of writing it had no clear impact on Bitcoin’s price behavior.
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