Bitcoin risks worst weekly close since 2020 as BTC price dices with $19K

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.
https://cointelegraph.com/news/bitcoin-risks-worst-weekly-close-since-2020-as-btc-price-dices-with-19k

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Donna Burk– Business News My Name is Donna Burk and I am also the main source from the ‘Dailynewssheet.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

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