Sep 26, 2022 03:40AM ET
By:AnalysisWatch
There is little to smile about for Bitcoin bulls as the weekly candle nears its end in nearly the same place it did two years ago.
On Sept. 25, Bitcoin fell to its lowest weekly close since 2020 as a week of macroeconomic turmoil took its toll.
BTC Trader prepares for "a big week" for BTC.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading near $19,000 with hours to go on the weekly chart.
Although only down $400 since the week began, the pair offered traders little optimism amid fears that the coming days will continue the bleeding across all risk assets.
"All week it traded within Monday's range." range." "The weekly"The weekly close is going to be bearish; it; it looks like a pin bar," popular trading account Crypto Yoddha told its Twitter followers in a summary post, adding:
"It's also consolidating at thelow end low end of the range. So I need a bounce before taking a position. Next week is going to be important.important.
Macro commentator Alex Kruger, meanwhile, noted that the Sept. 19 close marked Bitcoin's lowest since 2022.
"Thinking lower, then higher," he wrote in a Twitter discussion, adding:
"Replay of June CPI week in equities, crypto to outperform once the rebound is underway as it has been showing relative strength . strong reboundand new and new uptrend for severalweeks. " weeks. "
However, unless a late-breaking bounce camecame into play, the largest cryptocurrency was headed for an even less enviable achievement: its lowest close since November 2020.
Michal 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.
Alongside this, the US dollar index was poised to defend new 20-year highs set the previous week, above 113.2, and at the expense of several major fiat currencies.