Bitcoin and Ethereum Price Forecast – BTC Prices Buoyant

The BTC prices have been trading in a pretty strong manner over the last few days and this shows that the demand continues to be there in the market. A point to note here for the bulls is the fact that the prices have not fallen off the cliff as yet. It is true that the market has been quite weak over the last few months and it is indeed true that it appears as though the bears are in control. But what is also seen is the fact that the prices have not yet fallen into the dumps which shows that the bulls continue to make their presence felt. If that had not been the case, the bears would have seized total control and would have pushed the prices through the major support regions and through below causing the exit of all traders.

BTC Prices Above $6700

But that has not happened so far over this period and this points to the fact that this should be viewed more as a consolidation and ranging kind of movement rather than anything bearish as yet. The bulls are not in control but they are lurking in the background, ensuring that the prices do not fall too much, and also being unable to push the prices higher. This phase of consolidation is being used by the larger investors and traders to accumulate for the next move higher which might come in during the coming weeks and months.

The ETH prices also seem to be consolidating but they do not share the buoyancy and the strength that we are seeing in the BTC market. The ETH prices are floundering and finding it difficult to move higher despite having some strong fundamentals associated with the network. We will have to see how the ETH market is going to withstand the continuous pressure that it is likely to be under in the coming weeks.

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Forecast

Looking ahead to the rest of the day, we can safely expect the same pattern to continue in the next 24 hours as well with the BTC prices continuing to remain buoyant and the rest of the crypto market trying to follow suit.