On September 13, the US Department of Labor published a report showing a rise in consumer prices in the United States. Bitcoin reacted with a 12% decline.
A couple of days later, developers activated the The Merge upgrade on the Ethereum network, but the event did not improve market dynamics: on September 19, Bitcoin fell below the $19,000 level, and Ethereum slipped below $1,300.
Is a continuation of the correction possible? We analyse Bitcoin and Ethereum price levels on the Bybit crypto exchange.
BTCUSD
At the start of the week BTCUSD refreshed its September low at $18,210. Bulls began to buy the asset and pushed the price above the $19,000 level, which had been strong support since June.
For a renewed uptrend, Bitcoin needs to hold above the $19,000 level. If this level is held, expect a retest of $20,000 with subsequent consolidation above this psychological mark.
If negative momentum persists, the next strong support for BTCUSD will be the $16,000 level.
ETHUSD
Despite The Merge’s successful upgrade, the market value of ETHUSD has fallen by 19% since September 15.
On September 19, the asset for the first time since July slid to a local low at the $1,280 support level.
Should the downside momentum persist, Ethereum could test the psychological $1,000 mark. For a renewed uptrend, bulls need to overcome resistance in the $1,500 area.
Conclusions
Last week, buyers failed to defend important support levels — $20,000 for Bitcoin and $1,500 for Ethereum.
Nevertheless, the current market rebound suggests that bulls are likely to test these levels in the near future.
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