Bitcoin price faces 200-week trendline as US dollar hits 6-month high
Bitcoin (BTC) hugged a key long-term trendline on Sept. 7 as U.S. dollar strength hit its highest in six months.
Data from Cointelegraph Markets Pro and TradingView showed BTC price moves focusing on the area around $25,700.
Conditions were less volatile than the day prior, which saw a trip to $26,000 and local lows under $25,400 within a single hourly candle.
Bitcoin market participants remained cautious overall, with predictions of fresh downside to come becoming more and more commonplace.
#Bitcoin Open Interest ramping up yet again.
Looks to be setting up for another wick to take out some positions soon. Looks to mainly be shorts chasing price here at the last bit. pic.twitter.com/lr3VYtxu7F
“$BTC - unless we reclaim may low I still think lower,” popular trader TraderSZ told X (formerly Twitter) followers on Sept. 7.
Michaël van de Poppe, founder and CEO of trading firm Eight, flagged the 200-week exponential moving average (EMA) at $25,670 as the key level to watch on weekly timeframes.
“The million dollar question is whether #Bitcoin holds above the 200-Week EMA,” he summarized.
Fellow trader and analyst Toni Ghinea was more categorical, eyeing $25,000 and lower next for Bitcoin, with altcoins also due to suffer.
“I said 25k will happen. I said that ALTS will make new lows. I’m now saying $BTC will nuke to 19-23k,” he wrote in an X post.
Ghinea referenced the ongoing battle to launch the United States’ first Bitcoin spot price exchange-traded fund (ETF) — a key low-timeframe volatility source in recent weeks.
Looking beyond crypto markets, the U.S. dollar presented a compelling case for suppression across risk assets.
Related: Bitcoin price can hit $46K by 2024 halving — Interview with Filbfilb
The U.S. Dollar Index (DXY),
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