The day of the largest GBTC unlocking event saw a grim performance.
As a result of a weekend of mixed prices behavior, Bitcoin ( ) lost nearly $3,000 this week.
Trader hopes for BTC price volatility at the last minute
Cointelegraph Markets Pro and TradingView data showed that BTC/USD traded at just over $31,500 on Sunday, indicating a potential -$2,800 weekly candle.
After a brief surge of $32,000 on Friday, the weekend produced few surprises. Bitcoin moved within a predictable range.
Bitcoin maintained $31,000 support, but was not yet retesting $30,000 to close its lowest weekly close since December 2020.
Analysts and traders expressed dissatisfaction with spot price action after two consecutive months of hovering within the same range. However, others were aware of potential disruption.
Michael van de Poppe stated to his followers that it wouldn’t surprise him if there was a random move during the last 2-3 hours of this weekly Bitcoin candle.
Sunday was the day of the largest in a series of unlockings at Grayscale Bitcoin Trust ($GBTC). Many anticipated this event with nervousness, but no apparent impact on price behavior was seen at the time.
Altcoins to lock in losses
Altcoins also looked sluggish on Sunday. Many of the top 50 cryptocurrencies by market capital suffered weekly losses similar to Bitcoin’s -8.8%.
Ether ( ETH) hovered around $1,900. This was still well clear of the support zone of $100 lower. Amp (AMP), however, managed daily gains in excess of 12%.
The total cryptocurrency market cap was $1.294 trillion. Bitcoin’s share was at 45.9%. This is a little lower than Friday.
