Bitcoin (BTC), which was at its lowest weekly close since 2020, closed Sep. 25, after a week of macro turmoil.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
BTC trader prepares for an “important week”
TradingView and Cointelegraph Markets Pro data showed that BTC/USD traded at $19,000, with only hours remaining on the weekly candle.
The pair was down only $400 since the beginning of the week, but traders were not optimistic amid fears that there would be more losses across risk assets.
“The entire week was traded within the monday range. Crypto Yodha, a popular trading account, stated in a summary post that the weekly close was bearish and looked like a pinbar to his Twitter followers.
“Also, consolidating at the range high. You need to bounce before you take a position. Next week will be crucial. (Q3 close + Monthly Close).
Alex Krueger, a macro commentator, noted that Bitcoin’s Sep. 19 close was the lowest since 2022.
He wrote, “Thinking lower than higher,” in a Twitter conversation.
“Replay of the June CPI Week on Equities, Crypto to Outperform Once Bout is On” as crypto has been showing relative strength (heavy buyers in the last two days). Strong bounce =/ New multi-week upwards trend
However, the largest cryptocurrency was not on track to achieve an even more unenviable feat — its lowest close since November 2020, unless a sudden rebound occurred.
BTC/USD 1-week candle chart (Bitstamp). Source: TradingView
Michael van de Poppe (founder and CEO of Eight trading firm) said volatility was almost guaranteed next week due to the precarious macro environment.
In tandem with this, the U.S. Dollar index (DXY), prepared to defend its new 20-year highs of over 113.2 at the expense multiple fiat currencies.
U.S. dollar index (DXY) 1-week candle chart. Source: TradingView
XRP is the Altcoin Gains Crown
Among the top ten altcoins in the market, the biggest losses were borne by Ether (ETH), which is now down 8% due to the Merge hype.
Related: A record-breaking -35% discount was just achieved by the largest Bitcoin fund — A warning to BTC prices?
At the time of writing, $1,300 was the largest altcoin market cap, which is its lowest level since mid-July.
ETH/USD 1-week candle charts (Binance). Source: TradingView
The only exception to the trend was XRP which rallied as investors hoped for a victory over U.S. regulators.
1 week candle chart of XRP/USD (Binance). Source: TradingViewcom. You should do your research before making any investment or trading decision.