Bitcoin (BTC) fell 5% to re-test $11,000 on September 2, as the new strength in the US dollar currency index could mean a problem.
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Cryptocurrency market daily snapshot, Sept. 2
BTC/USD sees strong rejection of $12,000
Data from Coin360 and Cointelegraph Markets showed that the BTC/USD pair lost $850 in less than 24 hours on Wednesday.
The move follows Bitcoin’s last brief trip above the $12,000 resistance, a level that has so far not been sustained despite multiple attempts this year.
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Analyst warns about „short-term rebound
Along with the $11,150 bounce, it was a strong day for the USD currency index, a metric with which Bitcoin Loophole has shown a strong inverse correlation over the past few months.
After reaching its lowest levels since 2018, the index recovered sharply, putting pressure on both BTC and gold, the latter losing 0.6% on the day to reach $1,957.
Commenting on the latest moves, Cointelegraph Markets analyst Michaël van de Poppe warned, however, that the wider crypt-currency market was on the verge of correction.
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„And that’s why you get some profits on the way up. A significant drop in $BTC here couldn’t contain the $11,600 area,“ he told Twitter followers.
„Still, all right, it could be a sail to the south, but overall I expect a rebound in the short term. All over the field.
At press time, the BTC/USD pair was circling at $11,400 after a modest recovery, firmly regaining its long-term trading corridor with $11,000 in support.