Bitcoin is heading for its lowest weekly close in more than a month as selling pressure continues to drive prices toward $30,000.
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At press time, the cryptocurrency is changing hands for $31,680.31, a 2.9% decline from the 24-hour top of $32,614.24, CoinDesk data show.
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Should the current candle close at or below this level, that would mark the steepest weekly sell-off since June 14.
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Thursday's drop was bitcoin (BTC, -2.48%)'s biggest in over 10 days, as it fell, once again, alongside the U.S. equities market.
Bitcoin weekly chart
Source: TradingView
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A drop below the $31,000 daily support level may result in a deeper drawdown to $28,600 based on June 22's prior low.
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Low volume, as indicated in Thursday's four-hour view, is consistent with a lack of trading interest in the short-term.
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Traditional equities in Asia were mixed, with most markets reflecting a change of less than 1%.