Bitcoin price faces 200-week trendline as US dollar hits 6-month high

1 year ago

Bitcoin (BTC) hugged a cardinal semipermanent trendline connected Sep. 7 arsenic U.S. dollar spot deed its highest successful six months.

Bitcoin vs. 200-week moving mean forms "million dollar question"

Data from Cointelegraph Markets Pro and TradingView showed BTC terms moves focusing connected the country astir $25,700.

Conditions were little volatile than the time prior, which saw a travel to $26,000 and section lows nether $25,400 wrong a azygous hourly candle.

Bitcoin marketplace participants remained cautious overall, with predictions of caller downside to travel becoming much and much commonplace.

#Bitcoin Open Interest ramping up yet again.

Looks to beryllium mounting up for different wick to instrumentality retired immoderate positions soon. Looks to chiefly beryllium shorts chasing terms present astatine the past bit. pic.twitter.com/lr3VYtxu7F

— Daan Crypto Trades (@DaanCrypto) September 7, 2023

“$BTC - unless we reclaim whitethorn debased I inactive deliberation lower,” fashionable trader TraderSZ told X subscribers connected the day.

“Taken a abbreviated present fractional size targeting 23.6k. If we reclaim May debased I volition look to standard out.”

Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, flagged the 200-week exponential moving mean (EMA) astatine $25,670 arsenic the cardinal level to ticker connected play timeframes.

“The cardinal dollar question is whether Bitcoin holds supra the 200-Week EMA,” helium summarized.

Fellow trader and expert Toni Ghinea was much categorical, eyeing $25,000 and little adjacent for Bitcoin, with altcoins besides owed to suffer.

“I said 25k volition happen. I said that ALTS volition marque caller lows. I'm present saying $BTC volition nuke to 19-23k,” helium wrote successful an X post.

“This determination down is acold from over. Ignore the ETF narrative. It's lone utilized to manipulate the market. Soon it volition beryllium clip to buy.”

Ghinea referenced the ongoing conflict to motorboat the United States’ archetypal Bitcoin spot terms exchange-traded fund, oregon ETF — a cardinal low-timeframe volatility source successful caller weeks.

Dollar stokes crypto, hazard plus concerns

Looking beyond crypto markets, the U.S. dollar presented a compelling lawsuit for suppression crossed hazard assets.

The U.S. dollar scale (DXY), having broken done section highs seen successful precocious May, deed 105.15 connected the time — its highest since March 10.

“This rally by the dollar volition proceed to beryllium a drain connected hazard assets, particularly those the furthest up the hazard curve (i.e. crypto),” expert Benjamin Cowen wrote successful portion of X analysis.

TraderSZ continued the theme, forecasting downside for U.S. equities astatine the hands of DXY strength.

$ES update. So combining dxy view, wherever btc and eth are at, and present this. Putting pieces unneurotic for present tells maine further downside till proven different https://t.co/oHYXhllzcp pic.twitter.com/87H7YhX98c

— TraderSZ (@trader1sz) September 7, 2023

“Price enactment for the U.S. Dollar Index DXY is highly bullish (and truthful bearish for fiscal assets),” Caleb Franzen, elder expert astatine Cubic Analytics, added.

“When it broke supra the 200-day moving mean unreality & the trendline from 2022 highs, I said it was important to listen. Now we've flipped them into support.”

An accompanying illustration showed the DXY 200-day elemental and exponential moving averages.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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