Bitcoin Price Loses $20K, ETH Price Falls 8% After “Monumental” Ethereum Merger
Bitcoin (BTC) spent another day threatening support at $20,000 on September 15 as markets dealt with Ethereum (ET Merge.
BTC is stuck between price magnets
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD rose below $20,000 again overnight to marginally break above the line for a brief period.
The largest cryptocurrency largely failed to regain lost ground after surprise US inflation data on September 13 sent risk assets into a tailspin.
Down 13.5% against the week’s high at the time of writing, Bitcoin offered little inspiration to traders still eyeing further losses.
Yes, we can pump from here.
No, the bottom is not in. pic.twitter.com/dXYKngcQtR
— Material Indicators (@MI_Algos) 14 September 2022
“Bullish above or after a re-claim of $20,800 or something like this and maybe up,” summed up popular trader Crypto Ed in his latest YouTube update.
“Until then, I expect a little more inconvenience.”
Fellow trader Il Capo of Crypto again flagged $23,000 and $16,000 as important levels on either side of the spot price, calling them “like a magnet” in a chirping on the day.
“Markets will probably remain calm until the FED next week,” Michaël van de Poppe, founder and CEO of trading firm Eight, continued on the immediate macro outlook.
“Maybe jobless claims today are having an impact, but it should be.”
The S&P 500 and Nasdaq Composite Index were modestly up at the start of trading, as crypto continued to recover from losses earlier in the week.
ETH price plummets to three-week low
Altcoin markets, meanwhile, were led by the story-that-wasn’t on Ethereum, which failed to respond positively to the merger.
Related: Analyst on $17.6K BTC Price Bottoms: Bitcoin ‘Not There Yet’
Despite the headlines, ETH/USD was down 8% on the day, around $1,470 due to significant volatility.
Merge successful. POS activated.
We’re all still here.
— CZ Binance (@cz_binance) 15 September 2022
Respondingtrading firm Cumberland nevertheless claimed that the merger’s smooth transition to proof-of-stake (PoS) was a “momentary” achievement in itself.
“The fact that it was successful yet uneventful is an incredible testament to those involved, what they have done for the world of crypto, digital assets and decentralized computing,” a Twitter thread said.
“Every Bitcoin Halving, people said the event was priced in. But every Halving was a buy-the-news event,” Charles Edwards, creator of analytics resource LookIntoBitcoin, added.
“Everyone seems to be calling the merger a sell-news event. So I suspect it won’t be. The merger is Ethereum’s halving.”
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade involves risk, you should do your own research when making a decision.
