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Colin First
Bitcoin Thursday
Bitcoin Thursday

The BTC prices have been generally buoyant and the prices have pushed through the $6500 region but again, this does not mean anything in the overall scheme of things. The overall trend continues to be that of consolidation and ranging and this has been the case over the past several months. It is likely that this is going to continue for the next few days as well. The attention of the market has been focussed on the dollar over the last few hours and this strengthening of the dollar and the fall in the stock indices around the world has made some of the investors to diversify their holdings into the BTC market.

BTC Prices Stable

This is probably one of the reasons why we have been seeing the prices push higher during this period and this should ensure that the prices continue to trade in a strong manner over the next day or so as well. We do not believe that there is any kind of momentum in the markets for the prices to push through the highs of the range around $6800. It is expected that the stock market will continue to remain weak in the short term and this should keep the BTC prices buoyed over this period.

The ETH prices have also been buoyed by all the developments over the last 24 hours and they also trade above the $200 region in a comfortable manner. As long as the prices are above that region, we bulls should be fairly confident of the way that things are panning out as far as ETH market is concerned.

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Forecast

Looking ahead to the rest of the day, we do not have any major economic or fundamental news or events and hence we can safely say that the consolidation and ranging would continue for the day and we should see the range traders continue to be at play.

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