Bitcoin risks worst weekly trend since 2020 as BTC price falls by $19K
Bitcoin (BTC) headed for its lowest weekly close since 2020 on September 25 as a week of macro turmoil took its toll.
Trader prepares for ‘important week’ for BTC
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading near $19,000 with hours left to run on the weekly candle.
Although only down $400 since the week began, the pair offered traders little optimism amid fears that the coming days would continue the bleeding over risk assets.
“The whole week traded within Monday’s range. Weekly close is going to be bearish, looking like a stick,” popular trading account Crypto Yoddha told Twitter followers in a summary post.
“Also consolidating at a low level. So need a bounce before taking a position. Next week will be important. (Quarterly close + Monthly close).”
Macro commentator Alex Krueger, meanwhile, noted that the September 19 close marked Bitcoin’s 2022 low.
“Think lower than higher,” he wrote in a Twitter discussion.
“Replay of June CPI week on stocks, crypto to outperform when rebound is on as it has shown relative strength (heavy spot buyers last two days). strong pullback =/ new multi-week uptrend.”
Unless a last-minute setback came, however, the biggest cryptocurrency was on course for an even less enviable performance – the industry low since November 2020.
Michaël van de Poppe, founder and CEO of trading company Eight, added that volatility was anything but guaranteed next week thanks to the precarious macro environment.
Hand in hand with that, the US dollar index (DXY) prepared to defend the new twenty-year highs claimed the previous week – above 113.2 and at the expense of several major fiat currencies.
XRP takes the altcoin crown
Among the top ten altcoins, losses from the week were mainly borne by Ether (ETH), now down 8% as hype over the merger faded.
Related: The Biggest Bitcoin Fund Just Hit a Record -35% Discount — A Warning for the BTC Price?
The largest altcoin by market capitalization was hovering around $1,300 at the time of writing, its lowest since mid-July.
The only token bucking the trend was XRP, which continued to rise as the market hoped for a victory in the ongoing legal battle between major investor Ripple and US regulators.
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