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(Kitco News) – It’s been a pretty quiet week in the cryptocurrency market as far as price action is concerned, as the vast majority of tokens in the top 100 have deviated less than 5% in either direction over the past seven days as the US dollar has reached its highest level in the last 20 years.
TradingView data shows that, after surging higher during the early trading hours on Friday to hit a daily high of $ 20,460, the price of Bitcoin (BTC) fell back below $ 20,000 in the afternoon session, putting the price of Bitcoin (BTC) back below $ 20,000 in the afternoon session. pursue the bears as they scrambled to defend the psychologically important level of support.
BTC / USD 4-hour chart. Source: TradingView
The lack of activity in the market was touched upon in the morning brief on Bitcoin by Senior Market Analyst Jim Wyckoff, who noted that “there is calmer and more lateral trading this week”.
Now is not the time to invest in autopilot; however, as “history shows that September can be difficult for the financial markets,” warned Wycoff. “Look for more volatility in cryptocurrencies in the coming weeks. Bitcoin bulls need new energy to break a downward price trend that is still taking place on the daily chart, albeit barely. “
Important levels to keep an eye on
More information on the current price movement for Bitcoin from a shorter time frame perspective was offered by independent market analyst and Twitter pseudonymous user the Chief of Crypto, who published the chart below notes that BTC has broken through the “main bearish trend line”.
15 minute BTC / USD chart. Source: Twitter
According to the Chief, “a bullish confirmation for the short squeeze would be a break of the $ 20,700- $ 20,800 resistance,” which could result in a price hike to $ 22,500- $ 20,800 “.
On the other hand, for the short squeeze to be invalidated, the price of BTC would have to fall below $ 19,500, while the “main confirmation would be a net break of $ 19,000”.
For now, Bitcoin’s price continues to swing between these two scenarios, so only time will tell how it will turn out.
A boring week for altcoins
As mentioned at the beginning, there has been little noteworthy action in the altcoin market as the broader crypto ecosystem awaits major development, such as the upcoming Ethereum Merge.
Daily trend of the cryptocurrency market. Source: Coin360
The best results in the 24-hour ranking include an 18% increase for Voyager (VGX), a 10.28% gain for ABBC Coin (ABBC) and an 8.3% earnings trio for Yearn.finance (YFI ), Optimism (OP) and 1 inch (1 inch) mesh.
The overall cryptocurrency market capitalization is now $ 972 billion and Bitcoin’s dominance rate is 39%.
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