Bitcoin Risks Worst Weekly Close Since 2020 as BTC Price Drops $19,000
Bitcoin bulls are nothing to smile about as the weekly candle closes in almost the same place as there two years old.
Market Update
Bitcoin (BTC) headed for its lowest weekly close since 2020 on September 25 as a week of macro turmoil took its toll.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC/USD was trading near $19,000 with hours remaining on the weekly candle.
While it's only down $400 since the start of the week, the pair has offered traders little optimism amid fears the coming days will continue to haemorrhage risky assets.
“The whole week traded within the range on Monday. The weekly close is going to be bearish, looking like a pin,” popular Crypto trading account Yoddha told Twitter followers in a recap post.
p>“Consolidation also at the bottom of the range. We therefore need a rebound before taking a position. Next week is going to be important. (Q3 Closing + Monthly Closing)."
Macro commentator Alex Krueger meanwhile noted that the September 19 close marked Bitcoin's 2022 low.
“Think lower then higher,” he wrote in a Twitter thread.
“June CPI week replay on equities, crypto will outperform once the rebound is activated as it has shown relative strength (heavy one-time buyers for two days). strong rebound =/ new trend to rising over several weeks."
Barring a last-minute bounce in, however, the biggest cryptocurrency was on course for an even less enviable achievement — its lowest close since November 2020.
Bitcoin bulls are nothing to smile about as the weekly candle closes in almost the same place as there two years old.
Market Update
Bitcoin (BTC) headed for its lowest weekly close since 2020 on September 25 as a week of macro turmoil took its toll.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC/USD was trading near $19,000 with hours remaining on the weekly candle.
While it's only down $400 since the start of the week, the pair has offered traders little optimism amid fears the coming days will continue to haemorrhage risky assets.
“The whole week traded within the range on Monday. The weekly close is going to be bearish, looking like a pin,” popular Crypto trading account Yoddha told Twitter followers in a recap post.
p>“Consolidation also at the bottom of the range. We therefore need a rebound before taking a position. Next week is going to be important. (Q3 Closing + Monthly Closing)."
Macro commentator Alex Krueger meanwhile noted that the September 19 close marked Bitcoin's 2022 low.
“Think lower then higher,” he wrote in a Twitter thread.
“June CPI week replay on equities, crypto will outperform once the rebound is activated as it has shown relative strength (heavy one-time buyers for two days). strong rebound =/ new trend to rising over several weeks."
Barring a last-minute bounce in, however, the biggest cryptocurrency was on course for an even less enviable achievement — its lowest close since November 2020.
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