Bitcoin has broken below the critical 200-day simple moving average of $109,380, signaling potential weakness ahead as the dollar index (DXY) continues to gain momentum.
The breakdown may trigger more selling from chart-focused traders, potentially pushing bitcoin towards $100,000 or lower. The dollar index, which measures the U.S. dollar against major fiat currencies, climbed to 99.72 — its highest since August 1 — fueled by Federal Reserve Chair Jerome Powell's hawkish comments downplaying a December rate hike and the Bank of Japan's very dovish stance, which weakened the yen.
Interestingly, bitcoin's decline comes despite a positive development in U.S.-China trade relations. President Donald Trump and Chinese President Xi Jinping reached an early agreement to cut tariffs — reducing U.S. tariffs on Chinese goods from 57% to 47% — and boost trade. The deal also includes Beijing's commitment to secure rare earth supplies, purchase U.S. soybeans, and crack down on fentanyl trafficking. Yet, this positive outcome failed to ignite a crypto rally, suggesting underlying demand weakness.
Other cryptocurrencies are also under pressure: looked poised to confirm a "death cross" with its 50- and 200-day simple moving averages in coming days, while solana weakened despite strong initial uptake for Bitwise's SOL spot ETF.
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