Bitcoin (BTC) spent a second day threatening $20,000 support on September 15 as markets turned to Ethereum (ET Merge.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC ‘stuck among price magnets’

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Cryptooshala Markets Pro and . data from trading view BTC/USD showed an overnight rise again below $20,000 to recover slightly above the range for a brief period.

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The largest cryptocurrency failed to regain lost ground after surprising inflation data from the United States on September 13. Risky assets sent into a tailspin.

Down 13.5% against the top of the week at the time of writing, bitcoin provided little motivation for traders who were still eyeing further losses.

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Popular Trader Crypto Ed Abbreviation In your latest YouTube update.

“Until then, I expect to be a little more negative.”

Il Capo, a fellow crypto trader, again marked $23,000 and $16,000 as important levels on either side of the spot price, calling them “like a magnet”. Tweet that day.

“The market will probably remain calm until the Fed next week,” said Michael van de Pope, founder and CEO of trading firm Eight. Continuous Instant Macro on Outlook.

“Maybe today’s jobless claims have an effect, but it has to be.”

The S&P 500 and Nasdaq Composite indices were up modestly at the start of trading, as the crypto was still recovering from losses earlier in the week.

ETH price drops to three-week low

Altcoin markets meanwhile were led by story—not on Ethereum, which failed to respond positively to the merge.

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

Despite the headlines, ETH/USD was down 8% on the day, amid significant volatility around $1,470.

feedbackTrading firm Cumberland nonetheless argued that the smooth transition of the merge to proof-of-stake (PoS) was a “significant” achievement in itself.

“The fact that it was successful but uneven is an incredible testament to those involved, what they have done for the world of crypto, digital assets and decentralized computing,” read part of a Twitter thread.

“Every bitcoin halving, people said event had a price. But every halving was a news-buying event,” said Charles Edwards, creator of analytics resource LookIntoBitcoin, couple,

“It seems like everyone is calling the merge a news-sale phenomenon. So I suspect it won’t. The merge is the halving of Ethereum.”

ETH/USD 1-hour candle chart (Binance). Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, so you should do your own research when making a decision.