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.
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.”
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.