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Bitcoin (BTC) was set to lose nearly $ 3,000 this week as a weekend of mixed pricing behavior came to an end.
Trader hopes for last minute BTC price volatility
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD was trading just above $ 31,500 on Sunday night – a potential weekly candle of $ -2,800.
The weekend had produced few surprises, with Bitcoin moving into a predictable range after seeing a brief initial surge of over $ 32,000 on Friday.
Although it maintained a support of $ 31,000 and has yet to test $ 30,000, Bitcoin was nonetheless on track to seal its lowest weekly close since December 2020.
#bitcoin always going sideways…. Surprise Surprise
– Alouette Davis (@TheCryptoLark) July 18, 2021
While some traders and analysts expressed dissatisfaction with spot price action after two months of hovering in the same range, others were still aware of the potential disruptions.
“It wouldn’t surprise me if we got some random move in the last 2-3 hours of this weekly Bitcoin candle”, Michaël van de Poppe Told Twitter followers.
Sunday marked the most important in a series of unlocks at the Grayscale Bitcoin Trust ($ GBTC). An event nervously anticipated by many, no obvious impact on price behavior had yet been seen at the time of writing.
Altcoins set to block losses
Altcoins looked equally lackluster on Sunday, with many of the top fifty cryptocurrencies by market cap lining up weekly losses similar to Bitcoin’s -8%.
Related: Bitcoin Sees Second Longest Bull Market Drop With BTC Price ‘Stuck’ At $ 30,000
Ether (ETH) hovered at $ 1,900, still away from a lower support area of around $ 100, while Amp (AMP) managed daily gains of 12%.
The overall cryptocurrency market cap stood at $ 1.294 trillion, with Bitcoin’s share at 45.9%, a little lower than on Friday.
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