The Countdown For Bitcoin Has Started: These Levels Are Expected!

The weekly candle in the leading crypto Bitcoin (BTC) is about to be completed almost exactly two years ago. So there is little to smile about for Bitcoin bulls. Bitcoin (BTC) headed for the lowest weekly close since 2020 on September 25, when macro turbulence showed the impact.

Traders prepare for ‘significant week’ for Bitcoin (BTC)

Data from TradingView shows that BTC is around $19,000 hours before it runs on the weekly candle. BTC has only dropped $400 since the start of the week. However, BTC is giving traders little room for optimism amid fears that the decline in risk assets will continue in the coming days. Crypto Yoddha, a well-known trading account on Twitter, shared the following to his followers:

All week saw the process in the range of Monday. Weekly closing will be downwards. It looks like a pin bar. It is also consolidating in the low range. So I need a jump before I take a situation. Next week will be precious. (Q3 closing + Monthly closing).

“Before you rise, you need to think about the fall”

In this middle, macro commentator Alex Krueger notes that the close of September 19 was Bitcoin’s 2022 low. “You have to think about the fall before you rise,” he wrote in a Twitter discussion. In addition, he shared the following assessment:

Crypto showed relative strength, a repeat of the June CPI week in stocks. So it will perform better once the bounce starts. There have been heavy spot buyers in the last two days. Strong bounce means a new multi-week uptrend.

However, unless there was a last-minute rally, the president cryptocurrency was on track for even less enviable success. BTC is about to make its lowest close since November 2020.

BTC 1-week candlestick chart (Bitstamp) / Source: TradingView

Michaël van de Poppe, founder and CEO of Eight trading firm, says volatility is almost guaranteed for the next week thanks to the unstable macro environment.

Hand in hand with this, the US dollar index (DXY) is above the 113.2 that was argued the previous week. Additionally, DXY is poised to defend its new twenty-year highs.

US dollar index (DXY) 1-week candlestick chart / Source: TradingView

Ripple (XRP) takes the altcoin utility crown

In the midst of the top ten altcoins, the losses of the week were mainly in Ethereum (ETH). Now it’s down 8% as the hype on Merge fades. The largest altcoin by market cap is trading below $1,300 at press time. This is the lowest level since mid-July.

ETH 1-week candlestick chart (Binance) / Source: TradingView

Koindeks.com As you follow, the big winner of the market was XRP. The token has subverted the trend in the midst of altcoins. Ripple continues to rally as it hopes for victory in the ongoing court battle amid US regulators.

XRP 1-week candlestick chart (Binance) / Source: TradingView

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