Bitcoin (BTC), which threatened $20,000 support for the second day, was being processed by markets on September 15th as Ethereum (ET Merge) was completed.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
BTC stuck between price magnets
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD spiked below $20,000 overnight, but then recovered marginally to the border for a short period.
After the September 13th surprise US inflation data, which sent risk assets into a tailspin, the largest cryptocurrency failed to regain its lost ground.
Bitcoin was down 13.5% against the week’s high at the time of writing. This provided little encouragement for traders who were still looking for further losses.
Yes, we could pump here. The bottom isn’t in. pic.twitter.com/dXYKngcQtR
— Material Indicators (@MI_Algos) September 14, 2022
Crypto Ed, a popular trader, stated that bullish should be done above or after a claim of $20,000.
“I do expect some more downside until then.”
Il Capo, a fellow trader in Crypto, again highlighted $23,000 and $16,000 as crucial levels on either side the spot price. He called them “like magnets” in a tweet that day.
Michael van de Poppe (founder and CEO of Eight trading firm) stated that “probably markets will remain calm up until FED next week.” He also spoke about the immediate macro outlook.
“Maybe the jobless claims of today are having an impact, but that shouldn’t be the point.”
S&P 500 Index and Nasdaq Composite Index were slightly up at the beginning of trading. Crypto still needs to recover from earlier losses.
Three-week lows in ETH prices
Related: Analyst: $17.6K BTC Price Bottom: Bitcoin ‘not yet’
ETH/USD fell 8% despite headlines. It was trading at $1,470 despite significant volatility.
Merge was a success. POS activated. We are still here.
CZ Binance (@cz_binance), September 15, 2022
Cumberland, a trading company, reacted by arguing that the Merge’s seamless transition to proof-ofstake (PoS), was an “momemental” achievement.
“The fact it was successful but uneventful is an incredible testament the people involved, what their have done for the world crypto, digital assets and decentralized computing,” read a Twitter thread.
“Every Bitcoin Halving was a price in,” said Charles Edwards, creator of analytics resource LookIntoBitcoin. Charles Edwards, the creator of LookIntoBitcoin’s analytics resource, said that every Halving was a “buy-the-news” event.
“It seems that everyone calls the Merge a sell event. It won’t, I think. The Merge is Ethereum’s Halving.”
1 hour candle chart of ETH/USD (Binance). Source: TradingViewcom. You should do your research before making any investment or trading decision.