Volatile week in crypto ends flat as Bitcoin holds near $26,550
|Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here!|
(Kitco News) - A volatile week in the crypto market ended on a quiet note as Friday’s price action was subdued compared to the chop experienced since Monday, which saw Bitcoin’s (BTC) price spike $1,000 higher, only to end the week where it started.
Stocks jumped at the open but fell under pressure in the afternoon as traders continued to evaluate what the Fed’s hawkish “higher for longer” stance on interest rates means for the broader economy. A late afternoon surge helped lift the major indices back into the green, but the recovery was short-lived, as the S&P, Dow, and Nasdaq finished down 0.23%, 0.31%, and 0.09%, respectively.
Data provided by TradingView shows that Bitcoin oscillated in a narrow range between $26,475 and $26,745 on Friday, and trades at a price of $26,550 at the time of writing, an increase of 0.52% on the weekly chart.
BTC/USD Chart by TradingView
September Bitcoin futures prices traded slightly higher in the early hours on Friday, according to Kitco senior technical analyst Jim Wyckoff.
Bitcoin futures 1-day chart. Source: Kitco
“Bulls are fading late this week and need to step up and show fresh power soon to keep the bears at bay,” Wyckoff said. “A fledgling uptrend on the daily bar chart has been negated.”
Market analyst Crypto Tony mentioned the stagnant price action for Bitcoin and said to expect more of the same over the weekend as the top crypto trades near its equilibrium (EQ) level at $26,100.
$BTC / $USD - Update— Crypto Tony (@CryptoTony__) September 22, 2023
Nothing much exciting to see on #Bitcoin today if i am honest. I would expect us to gravitate towards the EQ of the range at $26,100 before we see anymore exciting price action
A boring weekend ahead i feel for us pic.twitter.com/npLawyQVTu
Technical analyst Yoddha noted Bitcoin’s history of rallying 60-70% and then pulling back 20% and suggested it is “trying to get stable here at this major support” before its next rally higher.
But market analyst Rekt Capital warned that Bitcoin has yet to revisit the macro higher low in this cycle, and anticipates a potential drop below support at $20,000 before the next leg higher commences.
#BTC— Rekt Capital (@rektcapital) September 21, 2023
Bitcoin hasn't yet revisited its Macro Higher Low in this cycle
And it just so happens that the Macro Higher Lows across cycles align with the 0.786 & 0.83 Fibonacci Retracement area$BTC #Crypto #Bitcoin pic.twitter.com/MIDAukY7Hl
Altcoins end the week mixed
Altcoins closed the week mixed, with a slight majority of tokens in the top 200 trading in the green.
Daily cryptocurrency market performance. Source: Coin360
Loom Network surprised to the upside with a surge of 80.1% to trade at $0.1115, while Pepe (PEPE) gained 15.51%, and STP (STPT) climbed 13.2%. Helium (HNT) was the biggest loser with a decline of 5.1%, followed by a loss of 4.67% for Merit Circle (MC) and a 4.55% pullback for Astar (ASTR).
The overall cryptocurrency market cap now stands at $1.06 trillion, and Bitcoin’s dominance rate is 49.1%.