{"id":7165,"date":"2022-09-16T03:57:02","date_gmt":"2022-09-16T03:57:02","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=7165"},"modified":"2022-09-16T03:57:03","modified_gmt":"2022-09-16T03:57:03","slug":"bitcoin-price-loses-20k-eth-price-drops-8-after-monumental-ethereum-merge","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=7165","title":{"rendered":"Bitcoin price loses $20K, ETH price drops 8% after &#8216;monumental&#8217; Ethereum Merge"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) spent a second day threatening $20,000 support on Sept. 15 as markets processed the Ethereum (ET\u00a0Merge.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>BTC stuck between price magnets&#8217;<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD spiking below $20,000 again overnight to recover marginally above the boundary for a brief period.<\/p>\n<p>The largest cryptocurrency broadly failed to regain lost ground after surprise United States inflation data on Sep. 13 sent risk assets into a tailspin.<\/p>\n<p>Down 13.5% versus the week\u2019s top at the time of writing, Bitcoin offered little inspiration to traders who were still eyeing further losses.<\/p>\n<p lang=\"en\" dir=\"ltr\">Yes, we could pump from here.<\/p>\n<p>No, the bottom is not in. pic.twitter.com\/dXYKngcQtR<\/p>\n<p>\u2014 Material Indicators (@MI_Algos) September 14, 2022<\/p>\n<p>\u201cBullish above or after a reclaim of $20,800 or something like this and maybe up,\u201d popular trader Crypto Ed summarized in his latest YouTube update.<\/p>\n<p>\u201cUntil then, I do expect a bit more downside.\u201d<\/p>\n<p>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 \u201clike a magnet\u201d in a tweet on the day.<\/p>\n<p>\u201cProbably markets will remain calm until FED next week,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, continued on the immediate macro outlook. <\/p>\n<p>\u201cMaybe jobless claims of today have an impact, but that should be it.\u201d<\/p>\n<p>The S&amp;P 500 and Nasdaq Composite Index were modestly up at the start of trading, like crypto still to recover from losses earlier in the week.<\/p>\n<h2>ETH price plummets to three-week lows<\/h2>\n<p>Altcoin markets meanwhile were led by the story-that-wasn\u2019t on Ethereum, which failed to react positively to the Merge.<\/p>\n<p><strong><em>Related:\u00a0Analyst on $17.6K BTC price bottom: Bitcoin &#8216;not there yet&#8217;<\/em><\/strong><\/p>\n<p>Despite the headlines, ETH\/USD was down 8% on the day, circling $1,470 amid significant volatility.<\/p>\n<p lang=\"en\" dir=\"ltr\">Merge successful. POS activated.<\/p>\n<p>We are all still here.<\/p>\n<p>\u2014 CZ  Binance (@cz_binance) September 15, 2022<\/p>\n<p>Reacting, trading firm Cumberland nonetheless argued that the Merge\u2019s smooth transition to proof-of-stake (PoS) was a \u201cmomemental\u201d achievement in itself.<\/p>\n<p>\u201cThe fact that it was successful yet uneventful is an incredible testament to the people involved, what they&#8217;ve done for the world of crypto, digital assets, and decentralized computing,\u201d part of a Twitter thread read.<\/p>\n<p>\u201cEvery Bitcoin Halving, people said the event was priced in. But every Halving was a buy-the-news event,\u201d Charles Edwards, creator of analytics resource LookIntoBitcoin, added. <\/p>\n<p>\u201cIt seems everyone is calling the Merge a sell-the-news event. So I suspect it wont be. The Merge is Ethereum&#8217;s Halving.\u201d<em>ETH\/USD 1-hour candle chart (Binance). Source: TradingView<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-loses-20k-eth-price-drops-8-after-monumental-ethereum-merge\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) spent a second day threatening $20,000 support on Sept. 15 as markets processed the Ethereum (ET\u00a0Merge. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC stuck between price magnets&#8217; Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD spiking below $20,000 again overnight to recover marginally above the boundary for a brief period. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-7165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7165"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7165\/revisions"}],"predecessor-version":[{"id":7167,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7165\/revisions\/7167"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/7166"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}