Womp. Bitcoin is about to seal its lowest weekly close for almost two years.
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.
“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“Also consolidating at the range low. So need a bounce first before taking a position. Next week is gonna be important. .” Macro commentator Alex Krueger meanwhile noted that the Sep. 19 close marked Bitcoin’s lowest of 2022."Replay of June CPI week on equities, crypto to outperform once bounce is on, as it has been showing relative strength . strong bounce=/ new multi-week upwards trend."
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.Michaël van de Poppe, founder and CEO of trading firm Eight, added that volatility was all butHand in hand with that, the U.S. dollar index prepared to defend the newU.S. dollar index 1-week candle chart.
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