Bitcoin market dominance drops to 4-year low as BTC price drops $20,000

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

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

All down after a dreary macro week

Data from Cointelegraph Markets Pro and TradingView showed a continued lackluster performance on BTC/USD, which is trading around $19,800.

The largest cryptocurrency appeared increasingly unable to turn $20,000 into strong support as the weekend began, and the mood among market participants was tense.

Looking at the 8-day exponential moving average (EMA), 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 3.25%, respectively.

Oil prices fell in Europe following the announcement of the possibility of 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.

Similarly, gas supplies to Europe were halted after the price cap decision, allegedly due to technical difficulties that were previously scheduled to resume on September 3.

“Gazprom seems to indicate here that the only working turbines in the Nord Stream 1 pipeline can now be repaired only in one of the specialized workshops of Siemens Energy (abroad), and until that happens, the pipeline will not be restarted (in other words, it is disabled forever),” Javier Blas, Bloomberg Energy and Commodities columnist, hung In a statement issued by the Russian energy giant Gazprom regarding the halt in gas transportation.

Bitcoin gives up market share

Meanwhile, for the Bitcoin bulls, a lack of presence in the market is starting to appear.

Related: Bitcoin is in a Bear Market, But There Are Lots of Good Reasons to Keep Investing

Depending on the source, bitcoin’s share of the total cryptocurrency market cap was at its lowest in up to four years as of September 3.

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

TradingView accounts gave the figure 39.88%, still an eight-month low.

Candlestick chart for the week Bitcoin market cap dominates the Bitcoin market. Source: TradingView

Earlier, Cointelegraph reported the total market capitalization of the cryptocurrency holding the 200-week moving average (MA), a major bear market achievement it experienced.

However, the same cannot be said for BTC/USD.

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