Bitcoin (BTC) was trading below $20,000 on September 3 as commodities declined on news of the G7 Russian energy embargo.
All down after gloomy macro week
Data from Cointelegraph Markets Pro and TradingView showed an ongoing weak performance on BTC/USD, trading around $19,800.
As the weekend began, the largest cryptocurrency seemed unable to flip to strong support at $20,000, and the mood among market participants turned sour.
Keeping an eye on the 8-day exponential moving average (EMA), popular trader Cheds noted its strength in September as continuing intraday resistance.
$BTC If you are trading this and not seeing the daily EMA 8 then you are literally sleeping at the wheel. No Excuses https://t.co/cTGEHWQNYo pic.twitter.com/WwMmwCLFO5
— Cheds (@BigCheds) 2 September 2022
United States stocks closed in on a difficult week, with the S&P 500 down 2.7% and the Nasdaq Composite Index down 3.25%, respectively.
Oil prices in Europe fell on the announcement of a Russian price cap potentially taking shape at the end of the year, despite the implications of a price hike should Russia itself retaliate.
German electricity and gas prices continue to fall. Gas now €218/MWh, down 38% from ATH, 1y Power Price now €508/MWh, down 52% from ATH. pic.twitter.com/1pPK5vJoGE
— Holger Zaschaepitz (@Schuldensuehner) 2 September 2022
Gas supply to Europe also stopped following the price cap decision, due to restart on 3 September, reportedly due to technical difficulties.
“Gazprom seems to imply here that the only operating turbine on the Nord Stream 1 pipeline can be repaired only in one of the (foreign) Siemens Energy specialized workshops, and until this happens, the pipeline cannot be restarted. Hogi (in other words, it’s down for good),” Xavier Blass, energy and commodities columnist at Bloomberg, commented On a statement from the Russian energy giant Gazprom on gas transit downtime.
bitcoin loses market share
Meanwhile, for bitcoin bulls, a 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, the share of bitcoin in the overall cryptocurrency market cap was the lowest in four years as of September 3.
CoinMarketCap held bitcoin dominance at just 39%, its weakest performance since June 2018.
TradingView’s calculations gave the figure at 39.88%, which is still at an eight-month low.
Earlier, Cointelegraph reported the overall cryptocurrency market cap preserving its 200-week moving average (MA), a major achievement in bear markets.
However, the same cannot be said for BTC/USD.
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