Bitcoin and Ethereum Daily Price Forecast – Major Cryptocoins Consolidate With Bullish Bias Post Corrective Price Rally

Cryptocurrency market is seeing all its major crypto coins trade positive post yesterday’s corrective price rally. While headlines suggest that market bears are starting to fight for control, crypto bulls are still seeing positive price activity at the moment as fresh fund flows and healthy trading volume ahead of Ethereum network upgrade continues to underpin bulls from a fundamental perspective. Bitcoin and other 9 major legacy crypto coins which make up top 10 cryptocurrencies in terms of market volume are seeing positive price action with all assets up more than 0.50% by late European market hours. During the Asian and European market hours, Bitcoin and other legacy cryptocurrencies have managed to erase most of the loss incurred during yesterday’s trading session.

Crypto Bulls Positive On Headlines Influenced Momentum

As trading session approaches the weekend, both bitcoin and ethereum are trading near psychological price levels a break above which is likely to influence a positive rally bringing in more fund flow to cryptocurrency market while also seeing an increase in overall trading volume. As of writing this article, BTCUSD pair is trading at $3995.8 up by 1.20% on the day, while ETHUSD pair is trading at $149.88 up by 2.69% on the day. Both pairs are trading rangebound with bullish bias in the broad market but lacks a clear directional bias and trigger that could favor a bullish breakout above critical price levels resulting in price rally stagnating just below psychological resistance levels.

News hit the market that Bank of Japan had published a paper on central bank digital coin and while no update on when such a coin will be released by the bank has hit the market, Bank of Japan has yet to deny or confirm news of the release of the said crypto coin. Since false claims are mostly denied by Banks as soon as they learn of same, so far they have denied any works on cryptocurrency which suggests that work is likely in progress behind the scenes. Further, news hit the market that Bahrain is looking to issue a comprehensive regulation for cryptocurrency and blockchain products with the aim to lure capital inflows and secure a position of a major financial hub in the Middle East owing to increased adoption of technology in real-world usage and the fact that crypto assets currently make a major part of financial industry. These moves are expected to add more fundamental support and influence positive price rally in immediate and near future trading sessions. As the crypto market is currently experiencing a positive price rally which seems to be supported from a fundamental perspective, both Bitcoin and Ethereum are expected to continue trading in rangebound pattern with a bullish bias for rest of the day and maintain positive price rally across the weekend.

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