Bitcoin price dives below $31K after lowest weekly close in 8 months

Bitcoin price dives below $31K after lowest weekly close in 8 months

Bitcoin (BTC) fell below $31,000 support on Monday after sideways trading gave way to downside pressure. 

Bitcoin price dives below $31K after lowest weekly close in 8 months
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Fresh pain for BTC price

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local lows of $30,630 on Bitstamp on Monday.

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Coming a day after Bitcoin's lowest weekly close since December 2020, the price action underscored the sensitivity of a market with low volume and network fundamentals still in their recovery phase.

Traders had broadly predicted a move downward after Bitcoin had failed to hold on to support levels higher up, with the integrity of $30,000 itself being called into question.

“Volatility, finally for Bitcoin,” in-house trader and analyst Michaël van de Poppe summarized.

Bitcoin price dives below $31K after lowest weekly close in 8 months
BTC/USD buy and sell levels (Binance) as of July 19. Source: Material Indicators/Twitter

At the time of writing, BTC/USD circled $30,700 with daily losses at around 3%. A glance at buy and sell orders on major exchange Binance showed considerable demand remaining at $27,000 and upward, reducing the likelihood of a deeper dive beyond that area.

Among market participants, it was all about catching the likely price bottom.

Earlier, van de Poppe had also suggested that the ultimate BTC price floor may not come as a result of a sudden dive or have clearly defined characteristics.

A daily close below $31,000, nonetheless, has not happened since January.

Altcoins suffer at the hands of Bitcoin bears

Bitcoin’s dive, meanwhile, sparked instant pain for altcoins, which often doubled the largest cryptocurrency’s hourly losses.

Related: Bitcoin sees second-longest bull market drawdown with BTC price 'stuck' at $30K

Ether (ETH) shed nearly 8% on the day to hit $1,800 support, highlighting a fragile altcoin environment still at the mercy of Bitcoin sentiment. 

A possible overall explanation lay at the door of the Grayscale Bitcoin Trust, which on Sunday completed a 16,000-BTC unlocking event, which only a day later could have an opportunity to impact the market.

Today, Grayscale CEO Michael Sonnenshein told CNBC in an interview that the regulatory discussion on Bitcoin exchange-traded funds is entering its ‘’final stages’’ and that the company is committed to turning GBTC into such a product.

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