Bitcoin market dominance appears to be dropping to a 4-year low as the price of Bitcoin sheds $20,000, slipping support from the Bitcoin bulls' grip as September provides the first signs of a classic downside.
Notably, Bitcoin (BTC) was trading at less than $20,000 on Saturday, September 3, 2022, as commodities plummeted after news of Russia's energy ban from the G7 nations.
Data from Coin Telegraph Markets Pro and Trading View, showed a persistent lackluster performance on the BTC/USD pair, which was trading around $1800.
The largest cryptocurrency looked increasingly unable to turn $20,000 into solid support by the start of the weekend, and the mood among market participants was tense.
Looking at the 8-day exponential moving average, popular trader Cheds has noticed his strength with intraday resistance continuing into September.
US stocks closed out a disturbing week, with the S&P 500 down 2.7% and the Nasdaq Composite down by 3.25%, respectively.
Oil prices fell in Europe following the announcement of the possibility of forming a Russian price ceiling at the end of the year, despite the effects associated with an increase in prices in the event of Russia's own retaliation.
Likewise, after the price cap decision, gas supplies to Europe were halted, allegedly due to technical difficulties that had been scheduled, having previously been scheduled to resume on 3 September.
Meanwhile, for the Bitcoin bulls, the lack of presence in the market is starting to appear. Depending on the source, Bitcoin's share of the total cryptocurrency market capitalization was at its lowest in up to four years as of September 3.
CoinMarketCap put Bitcoin's dominance at just 39%, the weakest performance since June 2018. Trading View accounts gave the figure 39.88%, still an eight-month low.
