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Thursday, November 24, 2022

Bitcoin Weekly Price Lowest Since 2020

The Bitcoin currency Bulls watch helplessly as the week closes nearly at its lowest, the same as on 25 September 2020. The turmoil in the macro economy was the cause of its free fall. 

CoinTelegraph Markets Pro and Trading data show Bitcoin/$ trading around USD 19,000 with few hours to go before the weekly closure. Fears of further depletion of risk assets looming large, in days to come, the traders were not very optimistic, when it was trading USD 400 lower at the beginning of the week. 

Bitcoin: What To Expect In The Coming Week

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Sharing on Twitter, Crypto Yoddha, a trader very popular among his followers, detailed that the week would be more Bear-ish and the trading was mostly done on Monday. He cautioned further of consolidation at a lower range as the week ahead was important with the third quarter ending and monthly ending.

19th September marked the lowest close for BTC in the year 2022 as observed by Alex Kruger, a macro commentator. He is optimistic that the cryptocurrency will do very well once the upward trend begins. Until the last-moment strong upward trend is seen, fear looms largely of Bitcoin closing at its lowest since 2020 November

CEO and founder of Eight, a trading company, Michael Van De Poppe, expects a volatile market next week because of the dangerous macro situation prevailing. Coupled with the above USD index (DXY) traded over 113.2 at the expense of multiple other currencies.

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Ether bore the losses of the week mainly. Ether is counted in the first 10 Altcoins and is now trading 8% down as the hue and cry over the merger has eroded.

Ether, by market capitalization, the largest Altcoin hit USD 1300, the lowest since the middle of July. Bucking the trend, only XRP continued its rally. The market is hopeful of a victory in the legal fight between The US Regulators and Ripple, a major investor, to stabilize the market.

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