BTC price sees $20,000 showdown | The Financial Express

BTC price sees $20,000 showdown

Macroeconomic unrest is still prevalent throughout most of the world.

BTC price sees $20,000 showdown
TMV Crypto highlighted relative strength index (RSI) statistics in his most recent update to suggest a downward bias on the same timeframes.

As the bears regain power, Bitcoin (BTC) opens the second week of September still attempting to establish $20,000 as a support level, as reported by Cointelegraph.

With a weekly finish that is nearly precise to the $20,000 threshold, the largest cryptocurrency returns from a sideways weekend, but that crucial psychological level is already in trouble. Since the so-called “Septembear” phenomena typically causes the price of bitcoin to decline in September, expectations already supported further negative during this month, and thus far, there hasn’t been much proof that this year will be different from others.

As per Cointelegraph, despite the slight losses, BTC, USD is down 1.5% as of September 2022, and many possible catalysts are in the works. Macroeconomic unrest is still prevalent throughout most of the world, with a growing focus on Europe as the energy crisis develops and the euro falls to twenty-year lows vs the dollar.

In contrast, TMV Crypto highlighted relative strength index (RSI) statistics in his most recent update to suggest a downward bias on the same timeframes.

“H4 RSI is currently bearish. Losing 19,700 would push Bitcoin below July’s lows of 18777 and closer to August’s lows, it stated. On the macroeconomic front, the Federal Reserve is expected to take a backseat this week as the Consumer Price Index (CPI) print for August, which is crucial economic data, is due on September 13.

Risk asset traders have little opportunity of relaxing, though, as recent developments in Europe have already opened up a new arena for volatility. The euro has fallen below $0.99 as of September 5 and is currently trading at its lowest level against the dollar since September 2002, Cointelegraph noted.

The instability in the energy markets is the cause of the weakness. Gas supplies are now expected to be blocked permanently after Russia, which was scheduled to resume its Nord Stream 1 gas pipeline at the weekend, abruptly changed course over maintenance concerns. This came after reports that the G7-compliant price cap on Russian energy was being considered by the European Union, to which Russia responded by threatening to stop all energy imports.

(With insights from Cointelegraph)

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