Bitcoin Price Loses $20K, ETH Price Drops 8% After ‘Big’ Ethereum Merger

Bitcoin (BTC) spent a second day threatening the $20,000 support on September 15. Markets Ethereum (ET Merge.

BTC/USD 1-Hour Candlestick Chart (Bitstamp). Source: TradingView

BTC is stuck between price magnets

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD tipping below $20,000 for a short-term recovery above the boundary.

The biggest cryptocurrency has failed to regain lost ground since the US inflation data surprised on September 13.

At the time of writing, down 13.5% from the week’s high, Bitcoin offered little incentive for traders who were still looking at further losses.

“Above $20,800 or after the return or something like that and maybe even higher,” summed up popular trader CryptoEd in his latest YouTube update.

“Until then, I expect a little more fall.”

Il Capo, a crypto affiliate, cited $23,000 and $16,000 as important price levels for the space, calling them “like magnets.” Twitter On that day.

“Markets will be calm until the Fed next week,” said Michael Van de Pop, founder and CEO of Eight Trading. He continued Immediately on the macro view.

“Maybe jobless claims will have an impact, but that should be it.”

The S&P 500 and Nasdaq Composite Index were modest in early trading, as crypto recovered from losses earlier in the week.

The price of ETH dropped to three-week lows

Meanwhile, Altcoin markets are led by the story-that-wasn’t on Ethereum, which failed to respond positively to the merger.

RELATED: Analyst On $17.6K BTC Price Below: Bitcoin ‘Not There Yet’

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

RespondingBusiness firm Cumberland, however, argued that the merger’s move to Proof-of-Stake (PoS) was a “remarkable” success in itself.

That it was a success, but a failure, is an amazing testament to the people involved, what they have done for crypto, digital assets and the world of decentralized computing.

“Every bitcoin halving, people said the event was in price. But every halving was a buy-the-news event,” said Charles Edwards, creator of the analytical resource LookIntoBitcoin. Added.

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

ETH/USD 1-Hour Candlestick Chart (Binance). Source: TradingView

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