Main navigation

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

News
Mon, 07/19/2021 - 05:39
article image
Alex Dovbnya
Bitcoin’s exchange net flows have spiked to the highest level in five months
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.     

BTC
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
Alibaba-Owned South China Morning Post Makes Major Foray Into NFT Industry

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

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.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.