Bitcoin And Ethereum Daily Price Forecast – Rebound Failed To See Support Resulting in Legacy Crypto’s Resuming Bearish Price Action

The spot market is seeing legacy cryptocurrencies trade in a range-bound price action slightly above recent lows which was reached during rebound course. The crypto markets continue to trade with a bearish bias despite rebounding from bottom owing to lack of catalyst that could serve as a decisive driving force to push legacy cryptos on upward price action. Initially, the market expected to see some momentum from ETP debut in Switzerland six exchanges but the same failed to have any kind of impact on price action as the ETP in itself saw relatively subdued demand.

Investors now wait to see if the US SEC will approve any of nine Bitcoin ETF proposals which would result in some sort of regulation of the space and the automatic entry of institutions as well as other high net-worth investors desirous of regulation.

Altcoins Continue Bearish Run Owing To Lack Of Decisive Bullish Trigger

Despite spot market seeing a heavy decline in the value of cryptocurrencies, institutional approach towards blockchain and cryptocurrency based technology are on rising. Many banks and government organizations across the globe are beginning to accept payment via cryptocurrencies which goes to show governments have begun recognizing altcoins as legal means of currency and payment. But the impact of same on market has been relatively low. Bitcoin price struggled to break the $4,120 resistance area despite trading above $4000 market for quite some time yesterday and has maintained a range-bound price action after declining below $4k mark against the US Dollar.

The path of least resistance is southwards and as long as BTC prices are trading below the minor resistance zone of $4,500 and $4,700 then we might as well see further declines in days to come. Ethereum price failed to gain strength above $122.00 and declined significantly. As of writing, the ETH/USD pair is holding around $105.41 down by 5% on the day. More importantly, there is a major bearish trend line in place with resistance at $117.00 in 30 min chart. Therefore, a proper close above $117.00 and $120.00 is must for buyers to gain strength in the near term. On the flip side, the key support is now around $102.96 below which it could be a free fall for Ethereum in near future.