Bitcoin hit its lowest weekly close since 2020 on September 25, as a week of macro turmoil took its toll. Although down just $400 since the start of the week, the pair of BTC/USD offered traders little optimism amid fears that risky assets would continue to bleed in the coming days. At the same time, the US Dollar Index (DXY) was preparing to defend fresh 20-year highs set over the past week – above 113.2 and at the expense of several major fiat currencies. BTC’s price has fallen by less than 1% while there is a swell in global volume by around 4%. The asset dominance is still in the 39.1% range.
At the time of writing, BTC was trading at $18,875.
BITCOIN has been trading sideways below its 20 Day Moving Average in a range from $18,250 to $19,500 over the past ten days. The asset has a strong support zone from $18,000 to $17,500 ($17,622 Previous Bottom) whereas $20,750 and $22,500 are acting as strong resistance levels. Breakouts on either side of these levels with good volumes will further decide the trend for the asset. Downsloping Moving Averages and RSI below 50 indicate that the bears still have the upper hand.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $15,000 | $17,500 | BTC | $22,000 | $28,500 |
Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor.
All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptos viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.
