September 9, BTC/USD fell 0.86%

On Tuesday, September 9, the BTC / USD pair fell 0.86% to $ 66,947. After 14% growth, buyers gave up on the brakes. The risk aversion caused the dollar to strengthen in the global foreign exchange market, which also negatively affected cryptocurrencies.

In my reviews, I constantly touch on the stock and foreign exchange markets. The fact is that bitcoin is a risky asset. Accordingly, sharp fluctuations in currency pairs with the dollar can affect the bitcoin rate, as well as its fall / rise can affect the foreign exchange market. Bitcoin has a high correlation (over 0.7 in the last 90 days) with Aussies, Euros and New Zealanders since the beginning of the year.

Do not forget also about how bitcoin collapsed by 63%, to $ 3782 in the US stock market in February-March 2020. After the crash, bitcoin has a close relationship with American stock indices. Currently, the correlation between Bitcoin and SP500 futures is 0.62.

The bitcoin rate fell to $ 66,222. Buyers hold their defenses at this level for nineteen hours. If the price on Tuesday did not manage to go to $ 69,500, then due to the slowdown in speed, it will now be more difficult for them to break through $ 68,500.

Bulk limit sell orders have appeared on the Binance exchange for bitcoin futures in the $ 68,000-68,150 zone. They can be canceled if the price rises, but it is clear that sellers are preparing to protect the Fibo level of 76.4% ($ 68,118) from falling from $ 68,680 to $ 66,300.

To continue the rally, the BTC / USD pair needs to close the day above $ 67800. This will allow buyers to neutralize the bearish sentiment. If the dollar cannot continue its growth after the release of inflation data in the US (16:30 Moscow time), then we expect the maximum to be renewed by the end of the week.

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