$ 31.5,000 Bitcoin price on track for lowest weekly close of 2021


Bitcoin (BTC) was well on its way to losing nearly $ 3,000 this week as a weekend of mixed price behavior came to an end.

BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader hopes for last minute BTC price volatility

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

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BTC / USD 1-week candle chart (Bitstamp). Source: TradingView

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

Although Bitcoin maintained the $ 31,000 support and has not retested $ 30,000 so far, Bitcoin was still on track to hit its lowest weekly close since December 2020.

While some traders and analysts expressed dissatisfaction with the spot price movement after trading in the same range for two months, others were still aware of the potential disruption.

“I wouldn’t be surprised 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 marked the date of the largest in a series of unblocks at the Grayscale Bitcoin Trust ($ GBTC). An event anticipated with nervousness by many, the obvious impact of which on price behavior was not yet apparent at the time of writing.

GBTC unlock plan. Source: Bybt

Altcoins will include losses

Altcoins looked similarly lackluster on Sunday, with many of the top fifty cryptocurrencies by market cap posting Bitcoins -8% losses every week.

Related: Bitcoin is seeing its second longest bull market downdown, with BTC price stuck at $ 30,000

Ether (ETH) hovered at $ 1,900, still free of any support zone of around $ 100, while Amp (AMP) posted daily gains of 12%.

ETH / USD 1-hour candle chart (Bitstamp). Source: TradingView

The cryptocurrency’s total market cap was $ 1.294 trillion, with Bitcoin accounting for 45.9%, slightly lower than Friday.