Bitcoin (BTC) headed for its lowest weekly close since 2020 on Sept. 25 as a week of macro turmoil took its toll.
Trader prepares for “important week” for BTC
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 summary post, adding:
“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).”
Macro commentator Alex Kruger meanwhile noted that the Sept. 19 close marked Bitcoin’s lowest of 2022.
“Thinking lower then higher,” he wrote in a Twitter discussion, adding:
“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.”
Unless a last-minute rebound came into play, however, the largest cryptocurrency was on track for an even less enviable achievement — its lowest close since November 2020.