Bitcoin Market Dominance Hits 4-Year Lows as BTC Price Drops $20,000

Bitcoin (BTC) traded below $20,000 on Sept. 3 as commodities fell on news of a Russian energy ban from the G7.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

All down after the bleak macro week

The data of Cointelegraph Markets Pro and from TradingView showed continued lackluster performance on BTC/USD, which traded around $19,800.

The biggest cryptocurrency looked increasingly unable to launch $20,000 to firm support as the weekend began, and the mood among market participants was weary.

Keeping an eye on the 8-day exponential moving average (EMA), popular trader Cheds noted its strength as intraday resistance continues into September.

US stocks closed a troublesome week the S&P 500 dropped 2.7% and the Nasdaq Composite Index 3.25%, respectively.

Oil prices fell in Europe with the announcement of a Russian price cap potentially taking shape later in the year, despite the implications linked to price increases should Russia itself retaliate.

Gas supplies to Europe also stopped following the price cap decision, reportedly due to technical difficulties, having previously resumed on 3 September.

“Gazprom seems to imply here that the only turbine in operation on the Nord Stream 1 pipeline can only be repaired now at one of Siemens Energy’s (overseas) specialist workshops, and until that happens, the pipeline will not be restarted (in other words , fell forever),” Javier Blas, Bloomberg energy and commodities columnist,

on a statement by Russian energy giant Gazprom about gas transit downtime.

Bitcoin gives up market share

For Bitcoin bulls, meanwhile, the lack of market presence was starting to show.

Related: Bitcoin is in a bear market, but there are many good reasons to keep investing

Depending on the source, Bitcoin’s share of the total cryptocurrency market cap was the lowest in four years on Sept.

CoinMarketCap put Bitcoin’s dominance at just 39%, the weakest performance since June 2018.

TradingView’s calculations put it at 39.88%, still marking an eight-month low.

Bitcoin market cap dominance 1 week candlestick chart. Source: TradingView

Previously, Cointelegraph reported on the overall cryptocurrency market cap preserving its 200-week moving average (MA), a key achievement in bear markets.

The same, however, cannot be said for BTC/USD.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should carry out your own research when making a decision.

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The article is in Portuguese

Tags: Bitcoin Market Dominance Hits #4Year Lows BTC Price Drops

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