Bitcoin price dips below $25K — Opportunity, or a sign of incoming calamity?

Bitcoin tends to keep a negative connection with the U.S. dollar and a positive connection with stocks.On Sept. 11, when the S&P 500 and Nasdaq stock market indexes were trading higher, the U.S. Dollar Index (DXY) was falling.The DXY is tapping its long-lasting range high levels around 104.8 points, hinting at the possibility of a negative cost turnaround. A bearish dollar could include tailwinds to Bitcoins price.Daily chart of the DXY.”Moreover, Bitcoins unfavorable rate action since mid-August has seen a “large majority” of short-term supply plunge “into a latent loss,” which could act as a potential short-term reversal level.Bitcoins short-term holder supply in earnings.

Bitcoin stands at the edge of a bearish breakdown, with a small possibility that the $25,000 support level might hold.On Sept. 11, Bitcoin (BTC) broke from its parallel range between $25,500 and $26,500, falling to an intraday low at $24,950. An everyday close below $24,750 threatens a drop to the sub-$ 20,000 range, however theres a small opportunity that the bullish momentum could revive.According to pseudonymous trader Horse, Bitcoin at $25,000 provides a short-term purchasing chance, as its the “finest location to trap sellers” and “probably the very best location for long contextual” risk-to-reward ratio.I seem like the possibilities that the market smokes this level after the very first significant test is slim. Appears like the very best area to trap sellers, and perhaps the very best location for long contextual R: RIll catch a falling knife. pic.twitter.com/eFNMzBCPJW— HORSE (@TheFlowHorse) September 11, 2023