$31.5K Bitcoin price on track for lowest weekly close of 2021

Performance remains grimly sideways on the day of the largest GBTC unlocking event.

Bitcoin (BTC) was on track to lose nearly $3,000 this week as a weekend of mixed price behavior came to an end.

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

Trader hopes for last-minute BTC price volatility

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading at just above $31,500 late Sunday — a potential -$2,800 weekly candle.

*BTC/USD 1-week candle chart (Bitstamp). Source: TradingView*

The weekend had produced little by way of surprises, with Bitcoin moving within a predictable range after seeing an initial brief spurt over $32,000 Friday.

Despite retaining $31,000 support and so far not retesting $30,000, Bitcoin was nonetheless on track to seal its lowest weekly close since December 2020.

#bitcoin still ranging sideways…. Surprise surprise

— Lark Davis (@TheCryptoLark) July 18, 2021

While some traders and analysts expressed their lack of satisfaction with spot price action after two months of hovering in the same range, others were still mindful of potential disruption.

“Wouldn’t surprise me if we get a random move in the final 2-3 hours of this weekly candle on Bitcoin,” Michaël van de Poppe told Twitter followers.

Sunday marked the date of the largest in a series of unlockings at the Grayscale Bitcoin Trust ($GBTC). An event anticipated with nervousness by many, any obvious impact on price behavior had yet to be seen at the time of writing.

Altcoins set to lock in losses

Altcoins looked similarly lackluster on Sunday, with many of the top fifty cryptocurrencies by market cap lining up weekly losses akin to Bitcoin’s -8%.

Ether (ETH) hovered at $1,900, still clear of a support zone around $100 lower, while Amp (AMP) managed daily gains of 12%.