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Analysis of futures: bears increased pressure on bitcoin
Forecasts of financial markets are the private opinion of their authors. Current analysis is not a recommendation, trade guide or investment research. FORKLOG and Bybit are not responsible for the results of the work that may arise when using this material to make trade decisions.
September 13, the US Department of Labor has published a report on consumer prices in the United States. Bitcoin reacted 12% with a fall.
After a couple of days, the developers activated the update of The Merge on the Ethereum network, but this event did not improve the dynamics of the market: on September 19, Bitcoin failed the level of $ 19,000, and Ethereum fell below $ 1300.
Is it possible to continue correction? We analyze the price levels of bitcoin and Ethereum on BYBIT crypto -based.
At the beginning of the week, BTCUSD updated the September minimum at $ 18 210. The bulls began to pay off the asset and raised the price above the level of $ 19,000, which was strong support from June.
To resume growth bitcoin, you need to gain a foothold above the level of $ 19,000. In the case of holding the level, it is worth expecting a retest of $ 20,000 with subsequent consolidation above this psychological mark.
With the preservation of negative dynamics of the next strong support, BTCUSD will be $ 16,000.
Despite the successful update of The Merge, the market value of Ethusd has decreased by 19% since September 15.
On September 19, the asset for the first time since July sank to a local minimum at the $ 1280 support level.
With the preservation of the descending dynamics, Ethereum can test the psychological mark $ 1000. To resume growth, bulls need to overcome the resistance in the zone $ 1,500.
Last week, buyers could not protect important support levels – $ 20,000 for bitcoin and $ 1,500 for Ethereum.
However, the current market recovery indicates that bulls are very likely to test these marks in the near future.
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