Bitcoin risks worst weekly close since 2020 as BTC price dices with $19K

Bitcoin risks worst weekly close since 2020 as BTC price dices with $19K


Bitcoin (BTC) headed for its lowest weekly close since 2020 on Sept. 25 as per week of macro turmoil took its toll.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader prepares for “important week” for BTC

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD buying and selling close to $19,000 with hours left to run on the weekly candle.

While solely down $400 since the week started, the pair supplied merchants little optimism amid fears that the approaching days would proceed the bleedout throughout threat belongings.

“The whole week traded within the monday range. Weekly close gonna be bearish, looking like a pin bar,” common buying and selling account Crypto Yoddha advised Twitter followers in a abstract put up, including:

“Also consolidating at the range low. So need a bounce first before taking a position. Next week is gonna be important. (Q3 close + Monthly close).”

Macro commentator Alex Kruger in the meantime famous that the Sept. 19 close marked Bitcoin’s lowest of 2022.

“Thinking lower then higher,” he wrote in a Twitter dialogue, including:

“Replay of June CPI week on equities, crypto to outperform as soon as bounce is on, as it has been exhibiting relative power (heavy spot consumers final two days). robust bounce =/ new multi-week upwards development.”

Unless a last-minute rebound came into play, however, the largest cryptocurrency was on track for an even less enviable achievement — its lowest close since November 2020.

BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

Michaël van de Poppe, founder and CEO of trading firm Eight, added that volatility was all but guaranteed next week thanks to the precarious macro environment.

Hand in hand with that, the U.S. dollar index (DXY) prepared to defend the new 20-year highs claimed the week prior — over 113.2, and at the expense of multiple major fiat currencies.

U.S. dollar index (DXY) 1-week candle chart. Source: TradingView

XRP takes the altcoin gains crown

Among the top ten altcoins, losses from the week were being shouldered chiefly by Ether (ETH), now down 8% as hype over the Merge faded.

Related: The biggest Bitcoin fund just hit a record -35% discount — A warning for BTC price?

The largest altcoin by market cap circled $1,300 at the time of writing, its lowest since mid-July. 

ETH/USD 1-week candle chart (Binance). Source: TradingView

The only token bucking the trend was XRP, which continued to rally as the market hoped for a victory in the ongoing court battle between major investor Ripple and U.S. regulators.

XRP/USD 1-week candle chart (Binance). Source: TradingView

The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Every funding and buying and selling transfer entails threat, it’s best to conduct your personal analysis when making a choice.



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