BTC price sees another $20,000 showdown – 5 things to know about Bitcoin this week

Old all-time highs from 2017 come back to haunt Bitcoin as BTC price action sees no relief this "September". Market news

Bitcoin (BTC) begins the second week of September still trying to cement $20,000 as support as the bears take control.

The biggest cryptocurrency emerges from a sideways weekend with a weekly close almost exactly at the $20,000 mark - but this important psychological level is already in trouble.

Expectations have already favored a further decline this month – the so-called “Septembear” phenomenon, which normally sees the price of BTC lose ground in September – and so far there is little evidence that this year will be different from most.< /p>

BTC/USD is down 1.5% in September 2022, and while the losses are modest, there are many potential catalysts on the horizon.

Macroeconomic turmoil remains the rule of the game in much of the world, with increasing focus on Europe as the energy crisis unfolds and the euro hits its highest 20-year low against the US dollar.

Stocks are also struggling against a still-strong greenback, leaving little room for an upside breakout in cryptocurrencies.

That said, BTC macro price bottom signals have been pouring in over the past few weeks, keeping a handful of analysts quietly confident about the outlook.

Cointelegraph takes a look at five potential Bitcoin price triggers for the week ahead, with $20,000 the primary target.

Bitcoin bulls had it easy this weekend as a lack of volatility led to two days of fluctuation around $20,000.

The lack of general direction meant that existing price predictions remained intact, with even the weekly close itself continuing to keep the market guessing.

This took the form of almost exactly $20,000 on Bitstamp, followed by downward price pressure in the early hours of the new week, according to data from Cointelegraph Markets Pro and TradingView.