Bitcoin (BTC<\/a>) hugged a key long-term trendline on Sept. 7 as U.S. dollar strength hit its highest in six months.\u00a0<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC price moves focusing on the area around $25,700.<\/p>\n Conditions were less volatile than the day prior, which saw a trip to $26,000 and local lows under $25,400 within a single hourly candle.<\/p>\n Bitcoin market participants remained cautious overall, with predictions of fresh downside to come becoming more and more commonplace.<\/p>\n #Bitcoin<\/a> Open Interest ramping up yet again.<\/p>\n Looks to be setting up for another wick to take out some positions soon. Looks to mainly be shorts chasing price here at the last bit. pic.twitter.com\/lr3VYtxu7F<\/a><\/p>\n \u2014 Daan Crypto Trades (@DaanCrypto) September 7, 2023<\/a><\/p><\/blockquote>\n \u201c$BTC – unless we reclaim may low I still think lower,\u201d popular trader TraderSZ told<\/a> X (formerly Twitter) followers on Sept. 7. <\/p>\n \u201cTaken a short here half size targeting 23.6k. If we reclaim May low I will look to scale out.\u201d<\/p><\/blockquote>\n Micha\u00ebl 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.<\/p>\n \u201cThe million dollar question is whether #Bitcoin holds above the 200-Week EMA,\u201d he summarized<\/a>.<\/p>\n Fellow trader and analyst Toni Ghinea was more categorical, eyeing $25,000 and lower next for Bitcoin, with altcoins also due to suffer.<\/p>\n \u201cI said 25k will happen. I said that ALTS will make new lows. I\u2019m now saying $BTC will nuke to 19-23k,\u201d he wrote<\/a> in an X post.\u00a0<\/p>\n \u201cThis move down is far from over. Ignore the ETF narrative. It\u2019s only used to manipulate the market. Soon it will be time to buy.\u201d\u00a0<\/p><\/blockquote>\n Ghinea referenced the ongoing battle to launch the United States\u2019 first Bitcoin spot price exchange-traded fund (ETF) \u2014 a key low-timeframe volatility source<\/a> in recent weeks.<\/p>\n Looking beyond crypto markets, the U.S. dollar presented a compelling case for suppression across risk assets.<\/p>\n Related:\u00a0Bitcoin price can hit $46K by 2024 halving \u2014 Interview with Filbfilb<\/a><\/em><\/strong><\/p>\n The U.S. Dollar Index (DXY), having broken through local highs<\/a> seen in late May, hit 105.15 on Sept. 7 \u2014 its highest since March 10.<\/p>\n \u201cThis rally by the dollar will continue to be a drain on risk assets, especially those the furthest up the risk curve (i.e. crypto),\u201d analyst Benjamin Cowen wrote<\/a> in part of X analysis.<\/p>\n TraderSZ continued the theme, forecasting downside for U.S. equities at the hands of DXY strength.<\/p>\n $ES<\/a> update. So combining dxy view, where btc and eth are at, and now this. Putting pieces together for now tells me further downside till proven otherwise https:\/\/t.co\/oHYXhllzcp<\/a> pic.twitter.com\/87H7YhX98c<\/a><\/p>\n \u2014 TraderSZ (@trader1sz) September 7, 2023<\/a><\/p><\/blockquote>\nBitcoin vs. 200-week moving average forms \u201cmillion dollar question\u201d<\/h2>\n
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Dollar stokes crypto, risk asset concerns<\/h2>\n
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