Leading cryptocurrency Bitcoin dropped to $24,950 during the day before rising above $25,000 again.
The asset seems to have entered a bearish trend and there is a small chance it can hold the $25,000 support level for now.
Bitcoin broke out of the parallel range between $25,500 and $26,500 in the opposite direction, falling to an intraday high of $24,950. A closing of the asset at $24,750 may cause it to fall below the $20,000 level in the future.
According to Trader Horsa, the $25,000 level is “an extremely good area for sellers to be trapped.”
I feel like the chances that the market smokes this level after the first major test is slim.
Seems like the best area to trap sellers, and arguably the best place for long contextual R:R
I'll catch a falling knife. pic.twitter.com/eFNMzBCPJW
— HORSE (@TheFlowHorse) September 11, 2023
Price movements in global markets and on-chain indicators pointing to low levels stand out as one of the hopeful factors that buyers may have a positive trend.
What about DXY?
Bitcoin tends to be an asset that maintains a positive correlation with stocks while maintaining a negative correlation with the US dollar.
While S&P and Nasdaq indices were on the rise during the day, the US Dollar Index (DXY) was on the decline.
While DXY is reaching long-term highs at 104.8 points, this could cause Bitcoin price to go in a negative direction.
The CPI, which will be announced in the USA on September 13, seems to direct global markets.
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