Bitcoin (BTC) traded below $20,000 on September 3 as commodities fell on news of a Russian G7 energy ban.
All down after gloomy macro week
Data from Cointelegraph Markets Pro and TradingView showed lackluster performance in the BTC/USD pair, which traded around $19,800.
The largest cryptocurrency seemed increasingly unable to turn around $20,000 as firm support heading into the weekend, and the mood among market participants was jaded.
Eyeing the 8-day EMA, popular trader Cheds noted its strength as intraday resistance continuing into September.
$BTC if you are trading this and not watching daily EMA 8 you are literally asleep at the wheel. Don’t excuse https://t.co/cTGEHWQNYo pic.twitter.com/WwMmwCLFO5
— Cheds (@BigCheds) September 2, 2022
BTC if you are trading this and not looking at the daily 8 EMA you are literally asleep at the wheel. There are no excuses
US equities ended a difficult week, with the S&P 500 down 2.7% and the Nasdaq Composite Index down 3.25%, respectively.
Oil prices fell in Europe on the announcement of a Russian price cap that could materialize by the end of the year, despite the implications linked to higher prices in case Russia itself retaliates.
German Electricity and Gas prices keep crashing. Gas now €218/MWh, down 38% from ATH, 1y Power Price now €508/MWh, down 52% from ATH. pic.twitter.com/1pPK5vJoGE
— Holger Zschaepitz (@Schuldensuehner) September 2, 2022
Electricity and gas prices in Germany continue to fall. Gas is now €218/MWh, 38% less than the ATH, the one-year price of electricity is now €508/MWh, 52% less than the ATH
Gas supply to Europe was also halted following the decision to cap prices, reportedly due to technical difficulties, as it was scheduled to resume on September 3.
“Gazprom seems to imply here that the only working turbine of the Nord Stream 1 pipeline can now only be repaired in one of Siemens Energy’s specialized workshops (overseas), and until that happens, the pipeline will not start up again (in other words, it stands forever)”, commented Javier Blas, energy and raw materials columnist at Bloomberg, on a statement by Russian energy giant Gazprom on gas transit downtime. Translation done with the free version of the translator www.DeepL.com/Translator
For Bitcoin bulls, meanwhile, the lack of market presence was starting to show.
Depending on the source, Bitcoin’s share of the global cryptocurrency market was at its lowest in four years as of September 3.
CoinMarketCap put Bitcoin dominance at just 39%, the weakest performance since June 2018.
TradingView calculations gave the figure as 39.88%, still marking an eight-month low.
Previously, Cointelegraph reported that the overall cryptocurrency market capitalization was preserving its 200-week moving average (MA), a key achievement in past bear markets.
However, the same cannot be said for BTC/USD.
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