Bitcoin (BTC) traded below $20,000 on September 3 as commodities fell following the G7’s announcement of a Russian energy ban.
Everything is down after a week of macro scarcity
Data from Cointelegraph Markets Pro and TradingView showed a still lackluster performance for the BTC/USD pair, which traded around $19,800.
The largest cryptocurrency seemed unable to swing $20,000 toward firm support as the weekend began, and sentiment among market participants was subdued.
Looking at the 8-day exponential moving average (EMA), popular trader Ched noted its strength as intraday resistance continuing into September.
—Cheds (@BigCheds) September 2, 2022
$BTC: If you are trading this and you are not watching the daily 8 EMA, you are literally asleep at the wheel. Apologies https://t.co/cTGEHWQNYo pic.twitter.com/WwMmwCLFO5 — Cheds (@BigCheds) September 2, 2022.
US stocks ended a tough week, with the S&P 500 down 2.7% and the Nasdaq Composite Index down 3.25%.
Oil prices fell in Europe due to the news of a Russian price cap that could come into effect at the end of the year, despite the implications of higher prices if Russia rejects itself.
German Electricity and Gas prices continue to fall. Gas now €218/MWh, down 38% from ATH, Power Price 1y now €508/MWh, down 52% from ATH. pic.twitter.com/1pPK5vJoGE
— Holger Zschaepitz (@Schuldensuehner) September 2, 2022
Electricity and gas prices in Germany continue to fall. Gas is now at €218/MWh, down 38% from the weighted average price, electricity price over one year is now at €508/MWh, down 52% from the weighted average price. pic.twitter.com/1pPK5vJoGE — Holger Zschaepitz (@Schuldensuehner) September 2, 2022.
Gas deliveries to Europe were also halted following the price cap decision, allegedly due to technical difficulties, when they were due to resume on 3 September.
“Gazprom seems to imply that the only functional turbine of the Nord Stream 1 gas pipeline can only be repaired in one of the specialized workshops of Siemens Energy (abroad), and until that is done, the gas pipeline will restart (i. other words, it’s down for good)”, a said Javier Blas, energy and commodities columnist at Bloomberg, on a statement from the Russian energy giant Gazprom about stopping gas transit.
Bitcoin is losing market share
For bitcoin proponents, the lack of presence in the market was starting to show.
Also read: Bitcoin is in a bear market, but there are many good reasons to keep investing
According to the source, bitcoin’s share of the overall cryptocurrency market capitalization was at its lowest level in no less than four years as of September 3.
CoinMarketCap put bitcoin’s dominance at just 39%, the weakest performance since June 2018.
TradingView calculations gave the figure at 39.88%, which still represents an eight-month low.
Earlier, Cointelegraph reported that the overall cryptocurrency market cap maintained its 200-week moving average, a key achievement in past bear markets.
However, the same was not true for the BTC/USD pair.
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