Bitcoin price retaining $31,000 support but still on track to seal its lowest weekly close since December 2020
The bulls have successfully defended the $30,000 level for the past few days but the failure to make a strong recovery has some traders worried that the price will eventually drop to new lows. It has been three months since its all-time high but at the moment, Bitcoin price is still trading at $31,641, recording a slight 2% drop over the past 24 hours.
BTC/USD 4-hour chart | Source: TradingView
$31,500 Bitcoin price on track for the lowest weekly close of 2021
It’s been 95 days since BTC hit $64,500 and a major correction has begun. Investors are getting impatient, but despite strong fundamentals, Bitcoin’s spot price action doesn’t appear to be in a hurry to leave $30,000 behind. Based on historical data, Bitcoin could remain flat for months before rising to beat its record. 2013 saw a 197-day gap between the two all-time highs. In terms of price trajectory this correction also looks very similar to 2013.
The weekend produced a bit of a surprise, with Bitcoin moving within a predictable range after seeing an initial short spike above $32,000 a few days ago. Despite holding the $31,000 support and failing to retest $30,000 so far, Bitcoin is still on track to close its lowest weekly close since December 2020.
While some traders and analysts expressed displeasure with the spot price action after two months of fluctuating within the same range, others remain wary of the possibility of disruption.
As Michaël van de Poppe told Twitter followers:
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 (@CryptoMichNL) July 18, 2021
The altcoin market also looks similarly lackluster to Bitcoin, with many of the top 50 cryptocurrencies by market capitalization recording 8% weekly declines like Bitcoin.
ETH price hovers at $1,880, still with no lower support around $100, while Amp (AMP) posted fresh daily gains at 12%.
The notable news of the day is that Binance has announced the completion of its 16th BNB token burn. They destroyed almost 1.3 million tokens that are cumulatively worth $393 million.
By permanently removing its native tokens from circulation, Binance makes the remaining ones scarcer. However, while the mammoth token burn is undeniably bullish for BNB, the cryptocurrency barely budged on the announcement. It is currently flatlining at $300.
BNB/USD 4-hour chart | Source: TradingView
Cryptocurrency market cap at $1,262 trillion, Bitcoin Dominance accounts for 47%, the highest level in more than a week.
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