Advertisement
AD

Main navigation

Bitcoin Just Had Its Lowest Weekly Close Since December, and Exchange Net Flows Could Spell More Trouble

Advertisement
Mon, 19/07/2021 - 5:39
A
A
A
Bitcoin Just Had Its Lowest Weekly Close Since December, and Exchange Net Flows Could Spell More Trouble
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Bitcoin, the largest cryptocurrency, has recorded its lowest weekly close since December 2020.

Last week, the bellwether coin plunged 7.65 percent to $31,675 on the Bitstamp exchange. This was the steepest weekly drop since mid-June when it lost 9.05 percent over the period from June 14 to June 21.     

Advertisement
Article image
Image by tradingview.com

The cryptocurrency’s make-it-or-break-it $30,000 support now looks increasingly fragile, with Guggenheim’s Scott Minerd recently warning that it may “soon fail.”

Related

Apart from the ominous technical picture, bearish on-chain data also adds to the not-so-rosy outlook.

Advertisement

According to data provided by cryptocurrency analytics firm CryptoQuant, Bitcoin’s net exchange inflows recently spiked to their highest level in five months, with Coinbase accounting for the lion’s share of them.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

A
A
A

Related articles

Advertisement
TopCryptoNewsinYourMailboxSubscribe
TopCryptoNewsinYourMailboxSubscribe
Advertisement
Advertisement
Subscribe to daily newsletter

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD