According to Cointelegraph, Bitcoin (BTC) remained close to a key long-term trendline on September 7 as the US dollar reached its highest strength in six months. Data from Cointelegraph Markets Pro and TradingView showed BTC price moves focusing on the area around $25,700. Market participants were cautious, with predictions of further downside becoming more common.
Michaël van de Poppe, founder and CEO of trading firm Eight, highlighted the 200-week exponential moving average (EMA) at $25,670 as the key level to watch on weekly timeframes. Fellow trader and analyst Toni Ghinea predicted Bitcoin would drop to between $19,000 and $23,000, with altcoins also due to suffer.
Looking beyond crypto markets, the US dollar presented a compelling case for suppression across risk assets. The US dollar index (DXY) reached 105.15 on the day, its highest since March 10. Analysts suggested the dollar's rally would continue to be a drain on risk assets, particularly cryptocurrencies.
