BTC Slips Below $19,000 After Yesterday’s Failed Breakout – Market Updates Bitcoin News

Bitcoin fell below $19,000 on Wednesday as the token failed to break out of a key resistance level during yesterday’s session. As a result of today’s sell-off, prices are now at their lowest since June. Ethereum also declined as bullish sentiment around The Merge faded.

Bitcoin

Bitcoin (BTC) fell to its lowest level since June 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 hump day.

The move saw Bitcoin fall to its lowest level since June 18 and came as prices retreated as BTC neared its $20,230 ceiling.

BTC/USD daily chart

Looking at the chart, BTC moved through the decline from this ceiling to eventually break out of a $19,500 support level.

As of this writing, the token is now trading near a bottom floor at $18,600, which is an area where bulls have been attempting to maintain support so far.

The Relative Strength Index (RSI) is currently hovering below 30 and nearing its weakest point in almost four months.

ether

A day after the surge, Ethereum (ETH) was back in the red as bullish sentiment surrounding the merge event faded.

Yesterday, ETH/USD surged to a high of $1,670.71 following a tweet from co-founder Vitalik Buterin.

Buterin confirmed that “the merge is still expected around September 13-15,” adding, “What’s happening today is the Bellatrix hard fork that *prepares* the chain for the merge.

ETH/USD daily chart

The bulls used this news as an entry signal, but now it appears that some have liquidated earlier positions and are more in favor of locking in profits.

As of this writing, ETH fell to a low of $1,500.01 on Wednesday, breaking its bottom of $1,550 in the process.

Momentum now appears to be bearish, with some suggesting that prices could drop to $1,430 support levels in the coming days.

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Will Ethereum prices fall despite the upcoming merger? Leave your thoughts in the comments below.

Elijah Dambell

Eliman brings an eclectic perspective to market analysis, having worked as a broker director, retail educator, and market commentator for crypto, stocks, and forex.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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