Decentral Block Post

Bitcoin (BTC) starts the second week of September still trying to cement $20,000 as support as the bears clinch control.

The largest cryptocurrency emerges from a sideways weekend with a weekly close almost exactly at the $20,000 mark — but that significant psychological level is already struggling.

Expectations already favored further downside during this month — the so-called “Septembear” phenomenon, which normally sees BTC price lose ground in September — and so far, there has been little evidence that this year will be different to most.

BTC/USD is down 1.5% in September 2022, and while the losses are modest, there are plenty of potential catalysts on the horizon.

Macroeconomic turmoil remains the name of the game in much of the world, the emphasis increasingly shifting to Europe as the energy crisis unfolds and the euro reaches twenty-year lows versus the United States dollar.

Network outages continue to be the Solana network’s biggest challenge, according to its co-founder Anatoly Yakovenko.

Launched in 2020, the Solana network has suffered a number of network outages, which have come from a number of different congestion and spam events, according to Yakovenko.

In a Sept. 2 interview with Real Vision co-founder Raoul Pal, Yakovenko said the network outages had been Solana’s “curse,” but said the outages have resulted because of the network's low-cost transactions. 

"That's been, I guess, our curse, but it's because the network is so cheap and fast that there are enough users and applications that are driving that."

However, while the outages have “prevented users” from using the network, the Solana CEO said the network itself hasn’t been compromised. He also argued that each blockchain is built differently and has their own “failure case.”

The decline in the United States equities markets last week extended the market-wide losing streak to three consecutive weeks. The Nasdaq Composite fell for six days in a row for the first time since 2019. The markets negative reaction to a seemingly positive August jobs report suggests that traders are nervous about the Federal Reserve’s future steps and its effects on the economy.

Weakness in the U.S. equities markets pulled Bitcoin (BTC) back below $20,000 on Sept. 2 and bears sustained the price below the level during the weekend. This pulled Bitcoin’s market dominance to just under 39% on Sept. 4, its lowest level since June 2018, according to data from CoinMarketCap.

Although the sentiment remains negative and it is difficult to call a bottom, investors who believe in the long-term prospects of cryptocurrencies could take the opportunity to gradually build positions at lower levels instead of trying to catch the bottom. However, investors could avoid chasing prices higher during bear market rallies and look to buy when the price falls to strong support levels.

If Bitcoin stages a recovery, select altcoins could move higher. Let’s study the charts of top-5 cryptocurrencies that are looking strong on the charts.

BTC/USDT

Bitcoin has been trading in a tight range between $19,520 and $20,576 for the past few days which shows a balance between the buyers and sellers in the near term. Although bulls are buying on dips, they have failed to overcome the selling at higher levels.

The decline in the United States equities markets last week extended the market-wide losing streak to three consecutive weeks. The Nasdaq Composite fell for six days in a row for the first time since 2019. The markets negative reaction to a seemingly positive August jobs report suggests that traders are nervous about the Federal Reserve’s future steps and its effects on the economy.

Weakness in the U.S. equities markets pulled Bitcoin (BTC) back below $20,000 on Sept. 2 and bears sustained the price below the level during the weekend. This pulled Bitcoin’s market dominance to just under 39% on Sept. 4, its lowest level since June 2018, according to data from CoinMarketCap.

Although the sentiment remains negative and it is difficult to call a bottom, investors who believe in the long-term prospects of cryptocurrencies could take the opportunity to gradually build positions at lower levels instead of trying to catch the bottom. However, investors could avoid chasing prices higher during bear market rallies and look to buy when the price falls to strong support levels.

If Bitcoin stages a recovery, select altcoins could move higher. Let’s study the charts of top-5 cryptocurrencies that are looking strong on the charts.

BTC/USDT

Bitcoin has been trading in a tight range between $19,520 and $20,576 for the past few days which shows a balance between the buyers and sellers in the near term. Although bulls are buying on dips, they have failed to overcome the selling at higher levels.