{"id":6839,"date":"2022-09-01T20:47:20","date_gmt":"2022-09-01T20:47:20","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=6839"},"modified":"2022-09-01T20:47:21","modified_gmt":"2022-09-01T20:47:21","slug":"us-dollar-smashes-yet-another-20-year-high-as-bitcoin-price-sags-2-7","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=6839","title":{"rendered":"US dollar smashes yet another 20-year high as Bitcoin price sags 2.7%"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) faced familiar pressure on the Sept. 1 Wall Street open as the U.S. dollar hit fresh two-decade highs.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Trader: DXY could hit 115 before &#8216;slowdown&#8217;<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it fell to $19,658 on Bitstamp, down 2.7% from the day\u2019s high.<\/p>\n<p>The pair faced stiff resistance trying to flip the important $20,000 mark to solid support, with macro cues further complicating the picture for bulls.<\/p>\n<p>That came in the form of a resurgent U.S. dollar index (DXY) on the day, which beat previous peaks to reach 109.97, its highest since September 2002.<\/p>\n<p><em>U.S. dollar index (DXY) 1-day candle chart. Source: TradingView<\/em><\/p>\n<p>Risk assets thus broadly lost ground, with the S&amp;P 500 and Nasdaq Composite Index trading down 1% and 2%, respectively at the time of writing.<\/p>\n<p>\u201cDXY with another strong day,\u201d popular crypto trading account Kaleo summarized on Twitter. <\/p>\n<p>\u201cHonestly see zero signs of it wanting to slow down until ~114\/115, which at this rate should take at least a couple of months.\u201d<\/p>\n<p>Other commentators, including crypto account TXMC Trades, noted the declining Japanese yen as an additional dollar booster. USD\/JPY hit 140.21, marking its highest since August 1998.<\/p>\n<p lang=\"en\" dir=\"ltr\">RSI divergence traders in disbelief with $DXY bull continuation.  It\u2019s almost as if RSI is a bounded oscillator and should not be used for regular divergence <\/p>\n<p>\u2014 Cheds (@BigCheds) September 1, 2022<\/p>\n<p>\u201cDollar at levels last seen in 2002. Key time here it seems. Bulls need a reversal. Bears need a break out,\u201d NorthmanTrader founder, Sven Henrich added, noting that the DXY relative strength index (RSI) was \u201cvery stretched.\u201d<\/p>\n<h2>Bad timing?<\/h2>\n<p>Further clouds on the horizon meanwhile made Sept. 15 a key date in crypto traders\u2019 diary.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin mining has never been more competitive even as BTC loses 13% in August<\/em><\/strong><\/p>\n<p>Just days after the August Consumer Price Index (CPI) inflation print would be due, payouts as part of the Mt. Gox rehabilitation process would begin after years of legal work.<\/p>\n<p>Creditors would thus start to receive a share of almost 140,000 BTC, last traded at a price below $500 a coin.<\/p>\n<p>While the resulting selling pressure is a topic of debate, the launch coincides with the Ethereum Merge, where the largest altcoin by market cap jettisons proof-of-work for proof-of-Stake as its consensus algorithm.<\/p>\n<p lang=\"en\" dir=\"ltr\">September 15th:<\/p>\n<p>&#8211; #Ethereum merge<br \/>&#8211; Mt. Gox #Bitcoin release begins<\/p>\n<p>What could go wrong? pic.twitter.com\/Ha5rBnpSxx<\/p>\n<p>\u2014 Justin Bennett (@JustinBennettFX) August 31, 2022<\/p>\n<p>Cold feet reigned supreme across crypto sentiment on the day, captured by the Crypto Fear &amp; Greed Index falling to 20\/100 \u2014 its lowest since July 18 and corresponding to \u201cxtreme greed.\u201d<\/p>\n<p><em>Crypto Fear &amp; Greed Index (screenshot). Source: Alternative.me<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/us-dollar-smashes-yet-another-20-year-high-as-bitcoin-price-sags-2-7\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) faced familiar pressure on the Sept. 1 Wall Street open as the U.S. dollar hit fresh two-decade highs. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader: DXY could hit 115 before &#8216;slowdown&#8217; Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it fell to $19,658 on Bitstamp, down 2.7% from the day\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6840,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-6839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6839"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6839\/revisions"}],"predecessor-version":[{"id":6841,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6839\/revisions\/6841"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/6840"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}