Bitcoin (BTC) hit new weekly lows into Sept. 28 as risk asset drawdown continued overnight.

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

Trader: “First new lows” before Q4 recovery

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling to $18,461 on Bitstamp, down almost $2,000 versus the previous day’s high.

The change of direction came in lockstep with stocks, which turned red after initially heading marginally higher at the Wall Street open.

The S&P 500 and Nasdaq Composite Index ultimately finished the day down 0.25% and up 0.25%, respectively.

Crypto, however, failed to recoup its losses, and while hopes were for Q4 to bring about a more solid recovery, traders were betting on the pain continuing first.