The leading cryptocurrency Bitcoin (BTC) has experienced a turbulent week. On the first day of the week, BTC lost more than 4% of its value, but it later saw a rise from around $27,650 to $30,000.
However, yesterday Bitcoin faced strong selling pressure once again due to the Ethereum Foundation's sale of 15,000 ETH, which increased market panic.
Bitcoin's weekly closing will take place at 03:00 AM GMT, marking the end of the week's trading. At the moment, there seems to be around 4.30 hours remaining until this closing.
In the case of Bitcoin (BTC), despite experiencing volatile surges in 2023, it has not been able to sustainably stay above $30,000. Similarly, Ethereum, the leading altcoin, has not been able to stay above $2,000.
Looking at the current situation of Bitcoin, it is not expected to undergo a significant movement before the weekly closing. It appears that whales have withdrawn from the market for now.
Next week, Bitcoin is expected to exhibit volatile movements in response to US inflation data. If BTC surpasses $30,000 with this data, it could experience a rise up to $36,000.
Readers should keep in mind that if Bitcoin fails to surpass $30,000 in the near future, it could experience a drop towards the major support level of $25,000.
This article is not investment advice. Anyone considering investing should do their own research and take their own risks.
