Bitcoin fell below $19,000 on Wednesday as the token failed to break out of a key resistance level in yesterday’s session. Following today’s sell-off, prices are now at their lowest point since June. Ethereum also declined, as the bullish sentiment surrounding The Merge faded.
Bitcoin (BTC) fell to its lowest level since June earlier in today’s session, a day after the token failed to break out of a key resistance point.
After peaking at $20,155.27 on Tuesday, BTC/USD fell to an intraday low of $18,644.47 on the day of the bump.
The move saw bitcoin fall to its lowest level since June 18 and came as prices fell as BTC approached its high of $20,230.
Looking at the chart, the decline saw BTC break out of this ceiling, eventually breaking out of a support level of $19,500.
As of this writing, the token is now trading near a low below $18,600, which is an area where bulls have so far attempted to hold support.
The Relative Strength Index (RSI) currently sits below 30 and is near its lowest point in almost four months.
A day after the surge, Ethereum (ETH) was back in the red as the bullish sentiment surrounding The Merge event faded.
Yesterday, ETH/USD hit a high of $1,670.71, following a tweet from co-founder Vitalik Buterin.
Buterin confirmed that “the merge is still expected to happen around September 13-15”, adding, “What’s happening today is the Bellatrix hard fork, which is *preparing* the channel for the merge.”
Bulls used this news as a signal to enter, however, it now appears that some have liquidated prior positions, opting to secure profits instead.
As of this writing, ETH fell to a low of $1,500.01 on Wednesday, breaking its low of $1,550 in the process.
The momentum now appears to be bearish, with some suggesting that prices could fall to a support level of $1,430 in the coming days.
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Will we see Ethereum prices fall despite the coming merger? Leave your thoughts in the comments below.
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