Bitcoin (BTC) headed for its weakest weekly close since 2020 on September 25 as a week of macro turbulence took hold.
Trader prepares for “important week” for BTC
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair was trading near $19,000, with only a few hours left on the weekly candle.
Despite losing just $400 since the start of the week, both have given traders little hope amid fears that the coming days will continue to see risk assets haemorrhage.
“The entire week was traded within the range on Monday. The weekly close will be bearish, like a pin bar,” popular trading account Crypto Yoddha told his Twitter followers in a post. summary message.
“We are also seeing consolidation at the lower end of the range. Therefore we need a regression before we take a job. Next week will be important. (closing Q3 + end of month).
Meanwhile, macro analyst Alex Krueger noted that the September 19 close marked bitcoin’s lowest level in 2022.
“Think lower than higher,” he said. writing in a discussion on Twitter.
“Recovery from the June IPT week on equities, cryptocurrencies will fare better when the recovery begins as they have shown relative strength (heavy spot buyers over the past two days). strong rebound =/ new uptrend over several weeks. »
However, had the last-minute bounce not come in, the largest cryptocurrency was on course for a less desirable feat: the lowest close since November 2020.
Michaël van de Poppe, founder and CEO of trading firm Eight, said there was almost volatility guarantee next week, due to the unstable macroeconomic environment.
Meanwhile, the US Dollar Index (DXY) rallied to defend new twenty-year highs the previous week, above 113.2 and at the expense of several major fiat currencies.
XRP takes the crown of altcoin gains
Among the top ten altcoins, losses for the week were largely driven by ether (ETH), now down 8% as hype around the Merge upgrade died down.
Also Read: Biggest Bitcoin Fund Just Hit Record -35% Discount: Warning for BTC Price?
The largest altcoin by market capitalization was hovering around $1,300 at the time of writing, its lowest level since mid-July.
The only sign deviating from the trend was XRP, which continued to climb, as the market hoped for a victory in the ongoing legal battle between Ripple’s major investor and United States regulators.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Cointelegraph.com. All investment and trading involves risk. You should do your own research before making a decision.
