Bitcoin retests $21K as it takes back ground from Ethereum ahead of The Merge

admin September 9, 2022

0 1 minute read

Bitcoin recovered above $20,000 overnight, rising 10.3% the day after testing the $21,000 resistance.

Interestingly, the ETH-BTC chart shows Ethereum giving up its recent rally against Bitcoin, dropping 4% on the day. Ethereum rose 4.5% against the dollar overnight, but fell by a similar amount against Bitcoin. Ethereum hit 0.84 BTC, but now he’s trading at 0.81, still up 5% since the beginning of September.

In addition to problems related to the ChainID of the ETHPoW chain, the inability to update some validators on the beacon chain suggests that Bitcoin’s rise may be driven by fear among ETH holders. ETH-BTC price volatility suggests that the owner is selling her ETH for her BTC.

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