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Bitcoin drops to $11.1K as USD currency index frustrates BTC price

Bitcoin drops to $11.1K as USD currency index frustrates BTC price

Bitcoin (BTC) fell 5% to retest $11,000 on Sept. 2 as contemporary power within the U.S. greenback forex index appeared to spell hassle.

Cryptocurrency market day by day snapshot, Sept. 2. Supply: Coin360

BTC/USD sees sharp $12,000 rejection

Knowledge from Coin360 and Cointelegraph Markets confirmed BTC/USD shedding $850 in underneath 24 hours on Wednesday.

The transfer follows Bitcoin’s newest temporary journey above $12,000 resistance, a degree which has up to now failed to carry regardless of a number of makes an attempt this yr.

BTC/USD 1-day price chart

BTC/USD 1-day worth chart. Supply: Coin360

Analyst warns of “short-term bounce”

Coupled with the bounce off $11,150 was a powerful day for the USD forex index, a metric with which Bitcoin has proven robust inverse correlation in current months.

After hitting its lowest ranges since 2018, the index rebounded sharply, pressuring each BTC and gold, the latter shedding 0.6% on the day to hit $1,957.

USD currency index 5-day chart

USD forex index 5-day chart. Supply: TradingView

Commenting on the newest actions, Cointelegraph Markets analyst Michaël van de Poppe nonetheless warned that the broader crypto market was in for a correction.

“And that is why you’re taking some income on the way in which up. Vital drop on $BTC right here, could not maintain the $11,600 space,” he informed Twitter followers. 

“May nonetheless, very effectively, be a wick south, however total I am anticipating brief time period bounce coming in. Throughout the sphere.”

At press time, BTC/USD circled $11,400 after a modest restoration, firmly reclaiming its longer-term buying and selling hall with $11,000 as assist.

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