Share this article

Down 36%: Bitcoin Price Faces Worst Weekly Loss Since 2013

With bitcoin prices dropping further early on Sunday, the cryptocurrency now looks to be heading for its worst weekly loss in over 5 years.

Updated Sep 13, 2021, 8:37 a.m. Published Nov 25, 2018, 11:00 a.m.
Credit: Shutterstock
Credit: Shutterstock

With bitcoin prices dropping further early on Sunday, the cryptocurrency now looks to be heading for its worst weekly loss in over 5 years.

At press time, the leading cryptocurrency by market capitalization is trading at $3,520 on Bitstamp, representing a 36 percent drop from Monday's opening price of $5,553. Unless the bulls can pull off a recovery, it's looking to be the biggest weekly drop since the second week of April 2013, when prices fell 44.8 percent from $165 to $91.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters

For the weekly loss to be confirmed on the charts, BTC must close today (as per UTC) below $3,887, or the resulting weekly loss would be the second biggest of 2018 – the first being the 30 percent drop witnessed in the last week of January.

Bitcoin's weekly performance

download-73

The 33-percent price drop is looking overdone, as per the 14-day relative strength index (RSI). The market, however, is paying no heed to the oversold conditions reported by that technical indicator.

Advertisement

This is evident from the fact that BTC has continued to find sellers in the last 11 days, despite the record low reading on the RSI.

BTC's inability to produce a stronger corrective bounce despite oversold conditions indicates the "buy-the-dip" mentality is largely absent.

Weekly chart

btc-weekly-9

As seen above, BTC is currently trading below $3,760 – the support of the trendline connecting the August 2015 and August 2016 lows.

A close below that level would bolster the already bearish technical setup, as represented by the convincing move below the 200-week exponential moving average (EMA) support and the downward sloping 5- and 10-week EMAs.

View

  • BTC could drop to the 200-week simple moving average (SMA) support of $3,126 if prices close today below the ascending trendline support.
  • The bearish momentum, however, may weaken in the next few days, as the 14-week RSI is closing on oversold territory (below 30.00) for the first time since January 2015.
  • The outlook as per the weekly chart would remain bearish as long as the 5- and 10-week EMAs continue to trend south.
Advertisement

Disclosure: The author holds no cryptocurrency assets at the time of writing.

BTC chart image via Shutterstock; charts by Trading View

Más para ti

Exchange Review - March 2025

Exchange Review March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.

Lo que debes saber:

Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.

  • Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
  • Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions. 
  • Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.

More For You

This article is created to test tags being added to image overlays

Consensus 2025: Zak Folkman, Eric Trump

Dek: This article is created to test tags being added to image overlays

What to know:

  • Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.