US Dollar Reaches New 20-Year High – 5 Things to Know About Bitcoin This Week

A Familiar Story of Stock Loss and Greenback Rising Greets Bitcoin Traders This Week as $20,000 Falls Short to maintain itself as a support.

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Bitcoin (BTC) is heading into the first week of September on a rocky downhill road after the US markets rout at Jackson Hole.

After the US Federal Reserve stepped up its hawkish comments on the inflation outlook, risk assets were sold off across the board and crypto is still reeling.

A relatively non-volatile weekend did little to improve the mood, and BTC price action returned to focus on areas below $20,000.

In doing so, several weeks of upside have effectively disappeared and, in turn, traders and analysts expect a retest of the macro lows seen in June this year.

While all is now calm on the Fed front until September's rate hike decision, there is still cause for concern as geopolitical uncertainty and inflation persist, with the latter continuing to increase in Europe.

However, since last week, Bitcoin looks fundamentally resilient as a network, with on-chain data telling a different story than price charts.

Cointelegraph takes a look at five factors to consider when considering where BTC/USD might be headed in the coming days.

Spot price triggers a target of $18,000

Data from Cointelegraph Markets Pro and TradingView confirm no surprises in guessing what happened to BTC/USD in the last weekly close.

After a relatively quiet period of trading over the weekend, the pair sold off significantly at the end of August 28, resulting in the lowest weekly close since early July.

A weekly red $2,000 candle thus sealed a miserable August for the bulls, after an initial loss of $3,000 the previous week.

BTC/USD 1 week candle chart ( Bitstamp ). Source: TradingView

A few days from the close of the monthly candle, analysts' mood was understandably less than bullish in the short term.

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