Bitcoin edges lower for its worst weekly performance in over a month

On Friday, Bitcoin clocked its worst weekly performance in more than a month. The world’s largest cryptocurrency by market cap inches closer to a key support level of $30,000.

Bitcoin on Friday morning was trading at $31,363 as of 8:30 a.m. ET, according to data from CoinMarketCap. Cryptocurrencies have struggled to rebound from a massive crash in May when the value of the total market dropped by nearly half in just seven days.

The whales are finally selling. Exchange Whale Ratio (EWR) is around 0.87. An EWR of more than 0.85 means the sharks in the water are net selling. I still think BTC will be north of ATH as we approach year end.