Bitcoin Price Loses $20,000 Support, ETH Price Falls 8% After Ethereum ‘Monument’ Merger

Bitcoin Price Loses $20,000 Support, ETH Price Falls 8% After Ethereum 'Monument' Merger

Bitcoin (BTC) spent the second day threatening the $20,000 support on September 15 as the markets approached the post Merge of Ethereum (ETH).

1-hour candlestick chart of the BTC/USD pair (Bitstamp). Source: Trade View

BTC stuck between two price magnets

Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair fell back below $20,000 overnight to briefly recover above that threshold.

The biggest cryptocurrency failed to regain lost ground after surprising US inflation data on September 13 sent risky assets tumbling.

Down 13.5% from the week’s high at the time of writing, bitcoin did little to encourage traders who were still fearful of further losses.

Yes, we could pump from here. No, we haven’t hit rock bottom yet. — Content Indicators (@MI_Algos) September 14, 2022.

“Get above or after a $20,800 rally or something like that and maybe more,” summarized popular Crypto trader Ed in his latest YouTube update.

“Until then, I expect a little more inconvenience. »

Member Il Capo de Crypto trader flag again $23,000 and $16,000 as significant levels on both sides of the spot price, calling them “magnet” ia tweet of the day

“The markets will probably remain calm until the Fed next week,” continued Michaël van de Poppe, founder and CEO of trading company Eight. about immediate macroeconomic outlook.

“Today’s jobless demands may have an impact, but that should be it.”

The S&P 500 and Nasdaq Composite Index were modestly higher in early trade, as the cryptocurrency has yet to recover from its losses from earlier in the week.

ETH Price Drops to Three-Week Low

Altcoin markets were affected by this mega-event not taking place on Ethereum, and Ethereum itself did not respond positively to the Merge.

Also Read: Analysis of BTC $17,600 Price Floor: Bitcoin ‘Not There Yet’

Despite the headlines, ETH/USD was down 8% on the day, hovering around $1,470 amid significant volatility.

A successful merger. Point of sale activated. We are all still here. — CZ Binance (@cz_binance) September 15, 2022

respondingtrading firm Cumberland insisted, however, that the smooth transition from Merge to proof-of-stake (POS) was a “moment” achievement in itself.

“The fact that it was successful while being uneventful is an incredible testament to the people involved in what they have done for the world of cryptocurrency, digital assets and distributed computing.” Read as part of a Twitter thread.

“Every bitcoin half, people were saying there was a price on the event. But every Expansion was a news buying event,” it said added Charles Edwards, creator of the LookIntoBitcoin analysis resource.

“Everyone seems to be calling the Merge a news selling event. So I guess not. Merge is half of Ethereum. »

1 hour holding chart of ETH/USD (Binance). Source: Trade View

The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of All investment and business transactions involve risk. You should do your own research before making a decision.

Solana and Avalanche fall 2% after the Merger

Solana and Avalanche fall 2% after the Merger

Crypto: Bitcoin (BTC) finally legal in China?

Crypto: Bitcoin (BTC) finally legal in China?