Bitcoin market dominance plumbs 4-year lows as BTC price ditches $20K
Bitcoin (BTC) traded below $20,000 on Sep. 3 as commodities declined on news of a G7 Russian energy ban. Data from Cointelegraph Markets Pro and TradingView showed ongoing lackluster performance on BTC/USD, which traded around $19,800. Eyeing the 8-day exponential moving average (EMA), popular trader Cheds noted its strength as intraday resistance continuing into September.
The largest cryptocurrency looked increasingly unable to flip $20,000 to firm support as the weekend began, and the mood among market participants was jaded. United States equities closed out a troublesome week, the S&P 500 down 2.7% and Nasdaq Composite Index 3.25%, respectively. Oil prices fell in Europe on the announcement of a Russian price cap potentially taking shape at the end of the year, despite implications tied to price increases should Russia itself retaliate.
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