Tuesday, 31 January 2023
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BTC price sees new $20K showdown — 5 things to know in Bitcoin this week

BTC price sees new $20K showdown — 5 things to know in Bitcoin this week

Bitcoin (BTC) starts the second week of September still trying to cement $20,000 as support as bears clinch control.

The largest cryptocurrency emerges from a sideways weekend with a weekly close almost exactly at the $20,000 mark — but that significant psychological level is already struggling.

Expectations already favored further downside during this month — the so-called “Septembear” phenomenon which normally sees BTC price lose ground in September — and so far, there has been little evidence that this year will be different to most.

BTC/USD is down 1.5% in September 2022, and while the losses are modest, there are plenty of potential catalysts on the horizon.

Macroeconomic turmoil remains the name of the game in much of the world, the emphasis increasingly shifting to Europe as the energy crisis unfolds and the euro reaches twenty-year lows versus the U.S. dollar.

Stocks are also struggling in the face of a still strong greenback, leaving little room for a breakout to the upside for cryptocurrencies.

That said, macro BTC price bottom signals have been flowing in over recent weeks, resulting in a handful of analysts remaining quietly confident on the outlook.

Cointelegraph takes a look at five potential Bitcoin price triggers for the week ahead as $20,000 forms the key focus.

BTC just seals $20,000 weekly close

Bitcoin bulls have had it easy this weekend as a lack of volatility resulted in two days of fluctuating around $20,000.

The absence of overall direction meant that existing price forecasts remained intact, with even the weekly close itself continuing to leave the market guessing.

That came in the form of practically exactly $20,000 on Bitstamp, followed by downward price pressure in the first hours of the new week, data from Cointelegraph Markets Pro and TradingView shows.

BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

Traders already expecting a retest of lower levels close to June’s $17,600, however, saw little reason to alter their perspective.

Popular trader Il Capo of Crypto reiterated plans for a short squeeze toward $23,000, followed by a reversal with $16,000 as a potential floor.

Fellow trader Cheds meanwhile confirmed that the 4-hour chart “continues to range” after bouncing from range lows into the weekly close.

In his latest update, meanwhile, TMV…

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