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


Performance remains grimly sideways on the day of the largest GBTC unlocking event.

Bitcoin (bit-cointalk.com/bitcoin-price” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/bitcoin-price-index/amp”>BTC) was on track to lose 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 bit-cointalk.com/?via=markets”>Cointelegraph Markets Pro and TradingView showed BTC/USD trading at just above $31,500 late Sunday — a potential -$2,800 weekly candle.

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

The weekend had produced little by way of surprises, with Bitcoin moving within a predictable range after seeing an initial brief spurt over $32,000 Friday.

Despite retaining $31,000 support and so far not retesting $30,000, Bitcoin was nonetheless on track to seal its lowest weekly close since December 2020.

While some traders and analysts expressed their lack of satisfaction with spot price action after bit-cointalk.com/news/new-data-hints-why-bitcoin-price-action-has-spent-two-months-at-30k” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/new-data-hints-why-bitcoin-price-action-has-spent-two-months-at-30k/amp”>two months of hovering in the same range, others were still mindful of potential disruption.

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

Sunday marked the date of the largest in a bit-cointalk.com/news/bitcoin-price-will-likely-shrug-off-530m-gbtc-unlock-in-july-analysis” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/bitcoin-price-will-likely-shrug-off-530m-gbtc-unlock-in-july-analysis/amp”>series of unlockings at the Grayscale Bitcoin Trust ($GBTC). An event anticipated with nervousness by many, any obvious impact on price behavior had yet to be seen at the time of writing.

GBTC unlocking schedule. Source: Bybt

Altcoins set to lock in losses

Altcoins looked similarly lackluster on Sunday, with many of the top fifty cryptocurrencies by market cap lining up weekly losses akin to Bitcoin’s -8%.

Related: bit-cointalk.com/news/bitcoin-sees-second-longest-bull-market-drawdown-with-btc-price-stuck-at-30k” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/bitcoin-sees-second-longest-bull-market-drawdown-with-btc-price-stuck-at-30k/amp”>Bitcoin sees second-longest bull market drawdown with BTC price ‘stuck’ at $30K

Ether (bit-cointalk.com/ethereum-price” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/ethereum-price-index/amp”>ETH) hovered at $1,900, still clear of a support zone around $100 lower, while Amp (AMP) managed daily gains of 12%.

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

The overall cryptocurrency market cap stood at $1.294 trillion, with Bitcoin’s share at 45.9%, a touch lower versus Friday.