Bitcoin (BTC) enters a precarious second week of July, with traders fearing further price drops. After its lowest weekly close in four months, BTC/USD is causing concern for investors as unrealized losses increase and predictions of more losses loom. The trading community is bracing for lower levels, with the path open for a dip toward or even below $50,000. The current downtrend appears to be driven by a combination of selling by the US and German governments, as well as reimbursements of bitcoins owed to creditors of defunct exchange Mt. Gox. As uncertainty prevails, the Crypto Fear & Greed Index is indicating "extreme fear," having dropped 60% over the past month.