The second day threatens to support $20,000 on September 15th as the markets were dealing with Ethereum (ET Merge.
Hourly candlestick chart BTC/USD (Bitstamp). Source: Trading View
BTC stuck between price magnets
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD climbed back below $20,000 overnight to break slightly above the line for a while.
The top cryptocurrency largely failed to regain its gains after the September 13 US inflation surprise led to a sharp drop in risky assets.
Down 13.5% from its weekly high at the time of writing, Bitcoin has done little to inspire traders who are still anticipating further losses.
Yes, we can download from here.
No, there is no bottom. pic.twitter.com/dXYKngcQtR
– Core Indicators (MI_Algos) September 14, 2022
Popular Crypto trader Ed summarized in his latest YouTube update: “The uptrend is higher or after recovery at $20,800 or something like that, maybe even higher.”
“Until then, I expect more inconvenience.”
Fellow cryptocurrency trader Il Capo once again marked $23,000 and $16,000 as significant levels on either side of the spot price, calling them “like a magnet” in a tweet that day.
Mikael van de Poppe, founder and CEO of Trading Eight, continued of the upcoming macro forecast: “Markets are likely to remain calm until next week’s Federal Reserve meeting.”
“It’s possible that jobless claims could have an impact today, but it has to.”
The S&P 500 and Nasdaq Composite indices rose marginally in early trading as the cryptocurrency continued to recover from losses earlier in the week.
ETH price drops to three-week low
Meanwhile, Altcoin markets were driven by history – something that was not the case for Ethereum, which did not react favorably to the merger.
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Despite the headlines, ETH/USD is down 8% on the day to around $1,470 due to the high volatility.
Merge successfully. POS has been activated.
We are still here.
– CZ Binance (@cz_binance) September 15, 2022
However, in response, trading firm Cumberland said the merger’s smooth transition to Proof-of-Stake (PoS) was itself a “rapid” feat.
“The fact that it succeeded without incident is an incredible testament to what they have done for the world of crypto, digital assets and decentralized computing,” Twitter said in a post.
Charles Edwards, creator of the analytical source LookIntoBitcoin added: “People said every bitcoin halving is priced. But every halving was an event when you have to buy the news.”
Everyone seems to be breaking news of the merger sales. So I guess it’s not. The merger is the halving of Ethereum.”