The weekly candle in leading crypto Bitcoin (BTC) is about to close almost at the same place two years ago. So there is little to smile about for Bitcoin bulls. Bitcoin (BTC) headed for its lowest weekly close since 2020 on September 25, when macro turbulence took its toll.
Traders prepare for ‘significant week’ for Bitcoin (BTC)
Data from TradingView shows that BTC is around $19,000 hours before it runs on the weekly candle. BTC has dropped just $400 since the start of the week. However, BTC gives traders little room for optimism amid fears that the decline in risk assets will continue in the coming days. Crypto Yoddha, a popular trading account on Twitter, shared the following to his followers:
It has been trading in the Monday range all week. The weekly close will be bearish. It looks like a pin bar. It is also consolidating in the low range. That’s why a jump is needed before taking a position. Next week will be important. (Q3 closing + Monthly closing).
“You have to think about the fall before you rise”
Meanwhile, macro commentator Alex Krueger notes that the September 19 close was Bitcoin’s 2022 low. “Before you rise, you need to think about the fall,” he wrote in a Twitter discussion. In addition, he shared the following assessment:
A repeat of the June CPI week in stocks showed relative strength. So it will perform better once the bounce starts. There have been heavy spot buyers in the last two days. Strong bounce means a new multi-week uptrend.
However, unless there was a last-minute recovery, the leading cryptocurrency was on track for even less enviable success. BTC is about to make its lowest close since November 2020.
Michaël van de Poppe, founder and CEO of Eight trading firm, says volatility is almost guaranteed for the next week thanks to the unstable macro environment.
Hand in hand with this, the US dollar index (DXY) is above the claimed 113.2 in the previous week. Also, DXY is poised to defend its new twenty-year highs.
Ripple (XRP) takes altcoin earnings crown
Among the top ten altcoins, the week’s losses were mainly in Ethereum (ETH). It’s now down 8% as the hype on Merge fades. The largest altcoin by market cap is trading below $1,300 at press time. This is the lowest level since mid-July.
cryptocoin.comAs you follow, the big winner of the market was XRP. The token has subverted the trend among altcoins. Ripple continues to rally as it hopes for victory in the ongoing court battle between US regulators.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.