September 28, 2022

Bitcoin’s Trading Price Falls Below $20k While ETH Loses 8% in Value

As the Ethereum (ETH) Merge was implemented in September, it reportedly threatened the trading price of Bitcoin (BTC). The investors feared that the trading price of Bitcoin may fall below the $20,000 mark.

The fear was due to the expectations that the Ethereum Merge would attract more investors to its side. As the trading price of ETH may get pushed higher, the investors may try and benefit from that, withdrawing funds invested in Bitcoin.

Bitcoin Fell Below $20,000

Despite the efforts of the bulls, Bitcoin’s price did end up falling below $20,000. It was another dip that Bitcoin recorded in the recent trading sessions.

However, Bitcoin was able to witness a slight recovery over the $20k before falling below the mark again.

US Inflation Data is Impacting BTC

Although the investors have made several attempts, they have not been able to push Bitcoin’s price over $20k. The largest cryptocurrency’s trading price has remained largely below the particular mark following the inflation data shared by the US Feds.

Since September 13, the trading price of Bitcoin has continued to fall in negative territory. The price of BTC has been losing its ground versus the dollar and the rest of the digital assets are also facing the same situation.

Bitcoin Lost 13.5% Value

So far, the trading price of Bitcoin has lost 13.5% of the overall surge it recorded in its trading price. The constant fall in the trading price ended up offering even more inspiration to investors with bearish sentiments.

Predictions by Crypto Analysts

According to the majority of cryptocurrency investors, Bitcoin is largely moving in the bearish zone. It may continue moving to the downside until Bitcoin is able to reclaim a safe trading price of $20,800.

Until Bitcoin achieves the mark, the trading price of Bitcoin may continue moving downwards.

As per the investors, the important resistance and support levels for Bitcoin would be $23,000 and $16,000.

ETH Price has dipped by 8%

Although the investors had very high hopes for ETH Merge, things did not work out the way they had expected.

Against the hopes of the investors, the trading price of ETH moved in a downward direction. The report shows that the trading price of ETH moved down by 8%.

As of now, the trading price of ETH is hovering around $1,470, which is not a positive sight for investors.

As the Merge has been implemented that ETH’s halving has taken place and it may split into half. This would increase the demand for ETH in the market which would eventually increase its trading price in the market.