Bitcoin price hits 1-week low as US dollar currency index aims higher

Bitcoin price hits 1-week low as US dollar currency index aims higher

(BTC) reacted to fresh strength in the U.S. dollar on Sep. 21 to follow stocks downward and move away from $11,000.

Data from Coin360 and Cointelegraph Markets showed BTC/USD hitting lows of $10,570 on Monday, its lowest in a week.

Sunday saw a rejection of resistance at $11,200, with Bitcoin subsequently shedding around 3% on the day as macro markets wobbled at the open. At press time, BTC/USD hovered at just above $10,600.

As Cointelegraph reported, a basket of factors — coronavirus, central bank economic policy and a separate scandal involving major institutions — is creating uncertainty this week.

The $11,200 rejection was anticipated by Cointelegraph Markets analyst Michaël van de Poppe, who warned that Bitcoin was unlikely to find the strength to flip the previous support level back from resistance.

READ  Report: Shell and Sinochem Discuss Blockchain Platform for Crude Oil

At the same time, DXY edged past 93 on Monday, with Bitcoin’s corresponding fall characterizing continued inverse correlation.

Leave a Reply

Your email address will not be published. Required fields are marked *

Want to automate your crypto Trading?
Try this new trading Robot!

Your information will be validated and you will be automatically redirected to the trading robot advanced dashboard.