Bitcoin (BTC) headed for its lowest weekly close since 2020 on Sep. 25 as a week of macro turmoil took its toll.
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Trader prepares for "important week" for BTC
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Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading near $19,000 with hours left to run on the weekly candle.
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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.
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“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.
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“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).”
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Macro commentator Alex Krueger meanwhile noted that the Sep. 19 close marked Bitcoin’s lowest of 2022.
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"Thinking lower then higher," he wrote in a Twitter discussion.
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"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."
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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.
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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.
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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.
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U.S. dollar index (DXY) 1-week candle chart. Source: TradingView
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XRP takes the altcoin gains crown
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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.
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The largest altcoin by market cap circled $1,300 at the time of writing, its lowest since mid-July.
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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.
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