Bitcoin bulls have nothing to cheer about as the weekly candle is close at the same price level as two years ago.
Bitcoin (BTC) was on track for its lowest weekly finish since 2020 on September 25 due to a week of macroeconomic instability.
Cointelegraph Markets Pro and TradingView data indicated that BTC/USD was trading around $19,000 with hours remaining in the weekly candle.
While the pair was only down $400 from the beginning of the week, traders remained pessimistic as they anticipated that risk assets will continue to decline in the coming days.
“The whole week traded inside the range of Monday. “Weekly close will be negative, like a pin bar,” the prominent trading account Crypto Yoddha tweeted to its followers, adding:
“Also concentrating on the bottom of the range. Therefore, a bounce is required before taking a position. Next week will be significant. Alex Kruger, a macroeconomic analyst, said that Bitcoin’s price reached its lowest level of 2022 on September 19th’s closing.”
In a Twitter chat, he commented, “Thinking below then higher” and added: “Replay of June CPI week on markets; crypto should outperform once rebound begins, given it has shown relative strength” (heavy spot buyers last two days). Strong rebound equals a fresh multiweek uptrend.”
Unless a last-minute recovery occurred, the biggest cryptocurrency was on course for an even less desirable accomplishment: its lowest closing price since November 2020.
According to Michal van de Poppe, founder and chief executive officer of trading business Eight, next week’s volatility is almost certainly due to the uncertain economic situation.
Alongside this, the U.S. dollar index (DXY) prepared to defend the fresh 20-year highs attained the previous week above 113.2 at the cost of a number of major fiat currencies.
Ether (ETH) has suffered the most of the week’s losses among the top 10 cryptocurrencies, currently down 8% as the Merge hype fades.
At the time of writing, the cryptocurrency with the greatest market capitalization was trading around $1,300, its lowest level since mid-July.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.