Bitcoin (BTC) continued to rise at the Wall Street open on September 12, as traders warned of an impending correction.
$23,000 is necessary to change the situation
According to data from Cointelegraph Markets Pro and TradingView, the BTC/USD pair hit $22,481 on Bitstamp, the highest level since August 19.
The pair preserved current gains over the weekend as the lower US Dollar acted as a catalyst for riskier assets earlier in the week.
The S&P 500 and Nasdaq Composite Index both rose 1.1% after the first two hours of trading. In contrast, the US dollar index (DXY) was down 0.7% on the day.
Analyzing the situation, the well-known Crypto trader Ed said that now is the time to consider a corrective movement on the BTC / USD pair.
“I’d say all the signs are there for shorts,” he told his fans in his latest YouTube update.
Upside potential is likely limited to $23,000, he suggested, while on the downside $20,800 is an area of interest.
The CME bitcoin futures gap, which has been hanging since the September 10 close, put the area around $21,400 as a potential target.
“I would only look for long positions if we break $23,000 and then move towards $28,000-$29,000,” said Crypto Ed.
Il Capo of Crypto, who was also expecting a trend change, reinforced his belief that the current price strength was just a relief rally in an overall bear market.
“Most people are going in the bullish direction now. Remember, this is a short squeeze, a bounce that occurs during a bear market to continue the subsequent recession,” he said. tweeted.
“I’m still expecting a little upside ($22,500 to $23,000), but soon I’ll be fully bearish again. »
After sealing a weekly close above the realized price, the BTC/USD pair now looked set to see a daily candle above the 100-day moving average (MA) for the first time since April.
Ethereum is struggling in the countdown to The Merge
On the other hand, Ether (ETH) price development was less encouraging, despite the surrounding hype The Merger.
Also read: The Fed, The Merge and $22,000 BTC – 5 things to know about bitcoin this week
At the time of writing, the ETH/USD pair was down 2.2%, while the ETH/BTC pair caught the attention of some market participants.
Update: Rejection from the 0.085 level for ETH/BTC.
My view is that there is no more gas emerging in ETH going into the merge, it is secure. Will continue to look into this. https://t.co/HKPdHmsDrb pic.twitter.com/Xy0J6baaai
— Joe Consorti ⚡ (@JoeConsorti) September 11, 2022
Update: Rejection of the 0.085 level for ETH/BTC. My position is no longer very valid that the rise of ETH on The Merge would come to an end. I will continue to monitor this. https://t.co/HKPdHmsDrb pic.twitter.com/Xy0J6baaai — Joe Consorti ⚡ (@JoeConsorti) September 11, 2022
Thus, the share of bitcoin in the total capitalization of cryptocurrencies increased significantly during the day after reaching 38.9%, the lowest level since January.
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