Bitcoin (BTC) dropped 5% and tested $ 11,000 again on September 2 when the recent strengthening in the US dollar index seemed to be causing problems.

BTC / USD is experiencing a sharp drop from $ 12,000
Data from Coin360 and Cointelegraph Markets showed that BTC / USD raised $ 850 in less than 24 hours on Wednesday.

The move follows Bitcoin’s latest short trip, worth over $ 12,000, a level it has so far failed to maintain despite numerous attempts this year.

Analyst warns of “short-term bounce”
Combined with a bounce of $ 11,150, it was a strong day for the US dollar currency index, which Bitcoin’s score has shown strong inverse correlation in recent months.

After hitting its lowest level since 2018, the index rallied sharply, pushing both BTC and gold, with the latter rising 0.6% on the day to $ 1957.

Commenting on recent moves, Michael Van de Pope, an analyst at Cointelegraph Markets, warned that the broader cryptocurrency market is on track for a correction.

“That’s why you make some profit on your way up.” “The big drop in BTC here can’t keep up with the $ 11,600 range,” he told his Twitter followers.

“It might be pretty good a week south, but overall I would expect a short-term rebound. All over the field. ”

At the time of the press release, BTC / USD had traded at $ 11,400 after a slight recovery and returned to a long-term trading corridor with $ 11,000 support.

Source: CoinTelegraph