Bitcoin price fell below $31,000 after its lowest weekly closing price in 8 months

Bitcoin (Bitcoin) After sideways trading gave way to downward pressure, it fell below the $31,000 support level on Monday.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

The new pain of BTC price

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD hit a local low of $30,630 on Bitstamp on Monday.

The day after Bitcoin Weekly lowest closing price Since December 2020, price trends have highlighted the sensitivity of the market, which has low transaction volume and network fundamentals are still recovering.

After Bitcoin failed to maintain a higher support level, traders generally predicted a decline, and the integrity of $30,000 itself was questioned.

Insider and analyst Michaël van de Poppe “It’s ultimately Bitcoin’s volatility” to sum up.

BTC/USD trading level (Binance) as of July 19th. Source: Material Indicators/Twitter

At the time of writing, BTC/USD is hovering at $30,700, with a daily decline of approximately 3%. The buy and sell orders on the major exchange Binance are clear at a glance, showing that there is still considerable demand to stay at $27,000 and above, thereby reducing the possibility of a deeper dive outside of this area.

Among market participants, everything is to grab a possible price bottom.

Prior to this, Van der Pope had also Suggest The final BTC price lower limit may not be the result of a sudden dive or a well-defined characteristic.

Nevertheless, since January, the average daily closing price has not fallen below US$31,000.

Altcoins suffer losses in Bitcoin bears

At the same time, Bitcoin’s diving has brought immediate pain to altcoins, and the hourly loss of altcoins is usually the largest double.

related: Bitcoin’s second-longest bull market has fallen back, and the price of BTC “stalled” at $30,000

Ether (Ethereum) It fell nearly 8% that day to reach the support level of $1,800, highlighting that the fragile altcoin environment is still dominated by Bitcoin sentiment.

A possible overall explanation exists at the door of the Grayscale Bitcoin Trust, which completed a project on Sunday 16,000-BTC Unlock the event, only one day later will there be a chance to influence the market.

Today, Grayscale CEO Michael Sonnenshein tell In an interview, CNBC stated that the regulatory discussion on Bitcoin exchange-traded funds is entering the “final stage” and that the company is Committed to transforming GBTC Enter such a product.