Bitcoin

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 BTC price centers on the 200-week exponential moving average, while analysts warn that Bitcoin and risk assets are in danger from a surging dollar. 
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 Bitcoin (BTC) hugged a key long-term trendline on Sep. 7 as U.S. dollar strength hit its highest in six months. 
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 <img src="https://cdn.thebittimes.com/images/2023/09/07/8cc206a75f7a5c713f3aea0110f9fd88.webp" alt="" title=""> 
 <figcaption style="text-align: center;"> BTC/USD 1-hour chart. Source: TradingView 
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 <h2 id="bitcoin-vs-200-week-moving-average-forms-million-dollar-question">Bitcoin vs. 200-week moving average forms "million dollar question"</h2> 
 Data from Cointelegraph Markets Pro and TradingView showed BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> 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 $25,400 within a single hourly candle. 
 Bitcoin market participants remained cautious overall, with predictions of fresh downside to come becoming more and more commonplace. 
 <blockquote class="twitter-tweet"> 
 #Bitcoin Open Interest ramping up yet again. Looks to be setting up for another wick to take out some positions soon. Looks to mainly be shorts chasing <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> here at the last bit. pic.twitter.com/lr3VYtxu7F— Daan Crypto Trades (@DaanCrypto) September 7, 2023 
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 “$BTC - unless we reclaim may low I still think lower,” popular trader TraderSZ told X subscribers on the day. 
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 “Taken a short here half size targeting 23.6k. If we reclaim May low I will look to scale out.” 
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 <img src="https://cdn.thebittimes.com/images/2023/09/07/ef35bc623c478722693d841aa7b23dbf.webp"> 
 <figcaption style="text-align: center;"> BTC/USD annotated chart. Source: TraderSZ/X 
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 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. 
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 <img src="https://cdn.thebittimes.com/images/2023/09/07/bb4005a9357dec9c25d3de6d904226aa.webp"> 
 <figcaption style="text-align: center;"> BTC/USD 1-week chart with 200EMA. Source: TradingView 
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 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. 
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 “This move down is far from over. Ignore the ETF narrative. It's only used to manipulate the market. Soon it will be time to buy.” 
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 Ghinea referenced the ongoing battle to launch the United States’ first Bitcoin spot <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> exchange-traded fund, or ETF — a key low-timeframe volatility source in recent weeks. 
 <h2 id="dollar-stokes-crypto-risk-asset-concerns">Dollar stokes crypto, risk asset concerns</h2> 
 Looking beyond crypto markets, the U.S. dollar presented a compelling case for suppression across risk assets. 
 Related:&nbsp;Bitcoin price can hit $46K by 2024 halving — Interview with Filbfilb 
 The U.S. dollar index (DXY), having broken through local highs seen in late May, hit 105.15 on the day — its highest since March 10. 
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 <img src="https://cdn.thebittimes.com/images/2023/09/07/1dc7860bdbab8a789aa3318668e0b549.webp"> 
 <figcaption style="text-align: center;"> U.S. dollar index (DXY) 1-day chart. Source: TradingView 
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 “This rally by the <a rel="noopener noreferrer nofollow" title="dollar" href="https://thebittimes.com/tag/dollar.html">dollar</a> will continue to be a drain on risk assets, especially those the furthest up the risk curve (i.e. crypto),” analyst Benjamin Cowen wrote in part of X <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>. 
 TraderSZ continued the theme, forecasting downside for U.S. equities at the hands of DXY strength. 
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 $ES 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 pic.twitter.com/87H7YhX98c— TraderSZ (@trader1sz) September 7, 2023 
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 “Price action for the U.S. Dollar Index DXY is extremely bullish (and therefore bearish for financial assets),” Caleb Franzen, senior analyst at Cubic Analytics, added. 
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 “When it broke above the 200-day moving average cloud &amp; the trendline from 2022 highs, I said it was important to listen. Now we've flipped them into support.” 
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 An accompanying chart showed the DXY 200-day simple and exponential moving averages. 
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 <img src="https://cdn.thebittimes.com/images/2023/09/07/8a10e9587349d87b36c1fbddda095570.webp"> 
 <figcaption style="text-align: center;"> U.S. dollar index (DXY) chart with moving averages. Source: Caleb Franzen/X 
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 This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. 
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-faces-200-week-trendline-as-us-dollar-hits-6-month-high-tbt61914.html">https://thebittimes.com/bitcoin-price-faces-200-week-trendline-as-us-dollar-hits-6-month-high-tbt61914.html</a>

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

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