Analysis of futures: bears increased pressure on bitcoin

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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 Grayscale will ,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.

BTCUSD

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.

Ethusd

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.

conclusions

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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