Bitcoin Market Dominance Hits 4-Year Low as BTC Price Drops $20,000
Support slips from the grip of BTC bulls as “September” shows early signs of a classic decline.
Market Update
Bitcoin (BTC) traded below $20,000 on September 3 as commodities fell following news of a G7 Russian energy ban.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed continued poor performance on BTC/USD, which was trading around $19,800.
The biggest cryptocurrency looked increasingly unable to transfer $20,000 to firm support at the start of the weekend, and the mood among market participants was jaded.
Watching the 8-day exponential moving average (EMA), the popular Cheds trader noted its strength as intraday resistance continued into September.
$BTC if you are trading this and not watching the EMA 8 daily, you are literally asleep at the wheel. No apologies https://t.co/cTGEHWQNYo pic.twitter.com/WwMmwCLFO5
— Cheds (@BigCheds) September 2, 2022US stocks ended a difficult week, with the S&P 500 down 2.7% and the Nasdaq Composite Index down 3.25%, respectively.
Oil prices fell in Europe following news of a price cap in Russia which could materialize at the end of the year, despite the implications of higher prices if Russia itself even had to fight back.
Support slips from the grip of BTC bulls as “September” shows early signs of a classic decline.
Market Update
Bitcoin (BTC) traded below $20,000 on September 3 as commodities fell following news of a G7 Russian energy ban.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed continued poor performance on BTC/USD, which was trading around $19,800.
The biggest cryptocurrency looked increasingly unable to transfer $20,000 to firm support at the start of the weekend, and the mood among market participants was jaded.
Watching the 8-day exponential moving average (EMA), the popular Cheds trader noted its strength as intraday resistance continued into September.
$BTC if you are trading this and not watching the EMA 8 daily, you are literally asleep at the wheel. No apologies https://t.co/cTGEHWQNYo pic.twitter.com/WwMmwCLFO5
— Cheds (@BigCheds) September 2, 2022US stocks ended a difficult week, with the S&P 500 down 2.7% and the Nasdaq Composite Index down 3.25%, respectively.
Oil prices fell in Europe following news of a price cap in Russia which could materialize at the end of the year, despite the implications of higher prices if Russia itself even had to fight back.
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