Bitcoin 'bear flag' breakdown targets $15K as US dollar hits 20-year high

Cointelegraph

Published Sep 06, 2022 03:25PM ET

Updated Sep 06, 2022 05:00PM ET

On Sept. 6, Bitcoin (BTC) price crumbled below $20,000 and the asset looks ready to undergo further decline in September due to a strong U.S. dollar and an ominous technical analysis pattern.

From a technical perspective, Bitcoin risks dropping to $15,000 or below in the coming weeks after breaking out of its prevailing "bear flag" pattern.

BTC/USD daily price chart featuring 'bull flag' pattern. Source: TradingView
Mutual funds asset rotations noted in HY1/2022. Source: Goldman Sachs (NYSE:GS)
DXY daily price chart. Source: TradingView

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