A crypto analyst who continues to build a following with his timely Bitcoin calls is issuing an alert for BTC holders as the US dollar erupts to a level not seen in two decades.
Crypto strategist Kevin Svenson tells his 113,500 Twitter followers that Bitcoin recently broke below its diagonal support that has kept BTC afloat since the June 2022 lows of around $17,600.
“As of right now, it just looks like [bearish] continuation unless we were to bounce back above the trendline.”
At time of writing, BTC is changing hands for $20,010, flat on the day and still below the analyst’s diagonal support.
Svenson’s bearish view on Bitcoin comes as he believes the US dollar index (DXY), which tracks the value of the US dollar relative to a basket of fiat currencies, is still in a strong uptrend.
In a new strategy session, the crypto analyst says the DXY appears to have more gas left in its tank even after rising over 15% this year.
“Looking at the US dollar index from the four-hour chart, yeah...
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