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


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

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

Trader prepares for ‘big 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.

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

“All week traded in Monday’s range. Weekly close will be bearish, looking like a pin bar,” popular trading account Crypto Yoddha told Twitter followers in summary post.

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

Macro commentator Alex Krueger, meanwhile, noted that the September 19 close marked Bitcoin’s 2022 low.

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

“Repeat of June CPI week on equities, crypto to outperform once rebound is, as it showed relative strength (heavy spot buyers last two days). strong rebound =/ new multi-week uptrend.”

Unless a last-minute bounce came in, however, the largest cryptocurrency was on track for an even less enviable achievement – ​​its lowest close since November 2020.

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

Michaël van de Poppe, founder and CEO of trading firm Eight, added that volatility is almost guaranteed next week thanks to the fragile macro environment.

Hand in hand with that, the US dollar index (DXY) poised to defend the new twenty-year highs claimed last week – above 113.2 and at the expense of multiple major currencies.

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US dollar index (DXY) 1-week candlestick chart. Source: TradingView

XRP takes the altcoin gains crown

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

Related: The largest Bitcoin fund just hit a record -35% discount – BTC price warning?

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

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

The only sign against the trend was XRP, which continued to rally as the market hoped for victory in the ongoing legal battle between major investor Ripple and US regulators.

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

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