Bitcoin price trades near support at $19.2k as all eyes focus on the Ethereum Merge

NEW YORK (Sept 9)  The wider cryptocurrency market got a reprieve from the recent bout of selling on Thursday as prices were up across the board following a slight pullback in the DXY, which had been on a relentless ascent over the past week.

Data from TradingView shows that at the same time as the DXY was retreating, Bitcoin (BTC) price rallied from a low of $18,550 to an intraday high of $19,502 in late trading on Wednesday, and has since traded sideways, with bull and bears battling for control of support at $19,200.

BTC/USD 4-hour chart. Source: TradingView

The recovery from Wednesday’s lows was noted in the morning Bitcoin update from Senior Kitco Market Analyst Jim Wyckoff, who noted that “Bitcoin-U.S. dollar prices are firmer in early U.S. trading Thursday after prices earlier this week dropped to a nine-week low.”

Wyckoff warned that Bitcoin is not out of the woods yet; however, highlighting that “The BC bears have the near-term technical advantage amid a price downtrend in place on the daily bar chart. The path of least resistance for prices is sideways to lower in the near term.”

Further insight into what a slide lower might look like was provided by the on-chain data firm WhaleMap, which posted the following chart highlighting some of the major areas of accumulation where “Whale wallets” are known to be active.

KITCO