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Bitcoin Risks Worst Weekly Earnings Since 2020 As BTC Price Dies At $19,000

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

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

Traders prepare for BTC’s ‘big week’

According to data from Cointelegraph Markets Pro and TradingView, BTC/USD is trading close to $19,000 with just a few hours remaining in the weekly candlelight.

Despite falling just $400 since the week began, the pair offers traders mostly optimism amid concerns that the bleedout across risk assets will continue over the next few days. did not do it.

“The entire week traded within Monday’s range. Weekly closes will look bearish and pinbar-like,” popular trading account Crypto Yoddha told followers on Twitter. Summary post.

“Range low is also consolidated. So we need a bounce first before taking a position. Next week is important. (Q3 close + monthly close).”

Meanwhile, macro commentator Alex Krueger pointed out that September 19’s closing price marked Bitcoin’s 2022 low.

“Think low, think high,” he said. I have written in a Twitter discussion.

“Stocks June CPI week replay, bounce on, crypto shows relative strength (lots of spot buyers over the last two days), so strong bounce =/ new few weeks upward trend of

But unless it rebounds at the last minute, the largest cryptocurrency was on track to deliver an even more enviable performance, its lowest closing price since November 2020.

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

Michael van de Poppe, founder and CEO of trading firm Eight, added that volatility is not an issue at all. guarantee Next week thanks to the unstable macro environment.

Along with that, the US Dollar Index (DXY) was poised to defend the 20-year highs claimed the previous week.

US Dollar Index (DXY) 1-week candlestick chart.Source: Trading View

XRP Takes the Altcoin Crown

Of the top 10 altcoins, losses this week were mostly borne by Ether (ETH), which is currently down 8% as the hype over its merge fades.

RELATED: Largest Bitcoin Fund Hits Record -35% Discount — Warning for BTC Price?

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

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

The only token to buck the trend was XRP, which continued to rise as the market hoped to win the ongoing legal battle between major investor Ripple and US regulators. rice field.

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

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.