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

Market Analysis

Bitcoin (BTC) headed for its lowest weekly close since 2020 on Sep. 25 as a week of macro turmoil took its toll.

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

Trader prepares for “important week” for BTC

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading near $19,000 with hours left to run on the weekly candle.

While only down $400 since the week began, the pair offered traders little optimism amid fears that the coming days would continue the bleedout across risk assets.

“The whole week traded within the monday range. Weekly close gonna be bearish, looking like a pin bar,” popular trading account Crypto Yoddha told Twitter followers in a summary post.

“Also consolidating at the range low. So need a bounce first before taking a position. Next week is gonna be important. (Q3 close + Monthly close).”

Macro commentator Alex Krueger meanwhile noted that the Sep. 19 close marked Bitcoin’s lowest of 2022.

“Thinking lower then higher,” he wrote in a Twitter discussion.

“Replay of June CPI week on equities, crypto to outperform once bounce is on, as it has been showing relative strength (heavy spot buyers last two days). strong bounce =/ new multi-week upwards trend.”

Unless a last-minute rebound entered, however, the largest cryptocurrency was on track for an even less enviable achievement — its lowest close since November 2020.

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

Michaël van de Poppe, founder and CEO of trading firm Eight, added that volatility was all but guaranteed next week thanks to the precarious macro environment.

Hand in hand with that, the U.S. dollar index (DXY) prepared to defend the new twenty-year highs claimed the week prior — over 113.2 and at the expense of multiple major fiat currencies.

U.S. dollar index (DXY) 1-week candle chart. Source: TradingView

XRP takes the altcoin gains crown

Among the top ten altcoins, losses from the week were being shouldered chiefly by Ether (ETH), now down 8% as hype over the Merge faded.

Related: The biggest Bitcoin fund just hit a record -35% discount — A warning for BTC price?

The largest altcoin by market cap circled $1,300 at the time of writing, its lowest since mid-July. 

ETH/USD 1-week candle chart (Binance). Source: TradingView

The only token bucking the trend was XRP, which continued to rally as the market hoped for a victory in the ongoing court battle between major investor Ripple and U.S. regulators.

XRP/USD 1-week candle chart (Binance). Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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