Bitcoin and Ethereum Price Forecast – BTC Price Drops by $200

The BTC prices have dropped by $200 towards the $6200 region which is a break of the tight range that we have been seeing in this markets for the past couple of weeks or so. This is till within the larger range that comes in with the lows of the range in the $5800 region and hence the traders and the investors do not have any major reason to panic as yet. This could also be part of profit taking or sell off in the markets as we enter towards the fag end of the month and in fact, some of the investors and the traders would appreciate the volatility that they are finally getting to see, after such a long time of tight trading.

BTC Prices Lower

The prices have not been able to move on either side so far in a kind of price action that is beginning to surprise many. The traders and the investors are not sure whether the underlying trend if bearish or bullish and in fact, they are not sure whether there is any underlying trend at all. The moves have been so slow and so little that it has left many clueless as they have been unable to pick any specific direction. There have been a few times when the market did try to establish a sense of direction but those attempts have failed so far.

The ETH market has also been slow and low and with he drop in the BTC prices, the ETH prices have also dropped lower below the $200 region which should be a matter of concern, for those bulls who are still there in the ETH market. This market has been suffering of late for the lack of support and volatility which has been eating into the liquidity.

Looking ahead to the rest of the day, we do not expect any major changes to happen in the market. The prices are expected to be slow in nature and the price action should point to some weakness in the market and with the lack of fundamental drivers, this is expected to be the case in the short term.