Bitcoin (BTC) It headed for its lowest weekly close since 2020 on September 25.
Trader prepares for “important week” for BTC
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading around $19,000 with hours left to run on the weekly candle.
Although down just $400 from the week, the pair offered some optimism to traders who fear continued bleeding in risk assets in the coming days.
“They were trading in Monday’s range all week. The weekly close will be as stupid as a pin bar,” popular trading account Crypto Yoddha told Twitter followers on a Summary post.
“Also, strengthening in the lower region. So before you can take a position, you need to dance first. Next week will be important. (Q3 Close + Monthly Close).
Macro analyst Alex Kruger, meanwhile, pointed to the September 19 close as Bitcoin’s 2022 low.
“Thinking from the bottom then up,” he said He wrote Twitter chat.
“June CPI week replay on equities, crypto once again showing relative strength (heavy position buyers held for two days).
Until a last-minute rebound came in, however, the biggest cryptocurrency was on course for a minor hit — its lowest close since November 2020.
Michael van de Pop, founder and CEO of business firm Eight, added that it’s just flexibility. Guaranteed Thanks to the awesome macro environment next week.
In line with this, the US Dollar Index (DXY) is poised to defend the new twenty-year high it claimed a week ago – above 113.2 and at the expense of many major fiat currencies.
XRP takes the crown of altcoin profits
Among the top ten altcoins, the week’s losses were mainly shouldered by Ether (ETH), which is now down 8% as momentum on consolidation fades.
Related: Biggest Bitcoin Funds Record -35% Off – Warning for BTC Price?
The biggest altcoin was trading around $1,300 at the time of writing, its lowest since mid-July.
XRP is the only token on the uptrend as the market hopes for a victory in the ongoing court battle between major investor Ripple and US regulators.
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