The pressure on crypto has become its own. The break below $60,000 reflects continued outflows from U.S. spot bitcoin ETFs, the Federal Reserve’s hawkish turn and a U.S. dollar that climbed to a seven-month high, said Alex Kuptsikevich, chief market analyst at FxPro, in an email to CoinDesk.

A stronger dollar makes dollar-priced assets like bitcoin costlier for foreign buyers and tends to pull money out of risk trades.

FxPro also flagged a longer-term warning. Bitcoin is hovering near its 200-week moving average, the average price over the past roughly four years and a closely watched long-term trend line.

The last three times bitcoin sank to that line, the weakness was prolonged rather than brief, lasting around nine months in 2015, six…