Bitcoin is heading for its lowest weekly close in more than a month as selling pressure continues to drive the price towards $30,000.
- 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%.
Market Wrap: Bitcoin Slides Toward $30K, Looks ‘Fragile’