Bitcoin and Ethereum Price Forecast – BTC Prices Continues Lower

The BTC prices continued to trade under pressure for one more day and the fact that the prices have now closed below the $6800 region for the day signals that the bears are back on control. This is something that should be a big surprise for the bulls who seemed well and truly in control of the market last week and it looked as though it was only a matter of time before the next bullish leg began to push prices through towards the $10,000 region. There has not been any major fundamental reason associated with this fall as yet but this has truly turned the direction of the market.

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BTC Prices Below $6500

The prices now trade well below the $6500 region which means that there has been a sell-off and the traders and the bulls have begun to panic as well. They would have been confident of their trades just last week but this week has changed everything. Now we have to see whether this move lower is going to last a lot longer and whether we are going to go back into the range that we had been in a few weeks back. The bulls now have all the work to do and their first target would be to try and prevent a further move lower as if such a thing happens, then it is likely that the prices would move much lower and would set the cat among the pigeons.

The ETH market is also taking a big hit and the prices are trading well below the $400 region at this point of time. This market had already been very weak even when the BTC prices have been gaining but now that the market has turned as well, the ETH prices have also dropped lower. The fundamentals associated with this network and the market continue to remain the same but it is only the trend that is down at this point of time and this trend is prevalent throughout the market.

Forecast

Looking ahead to the rest of the day, we do not expect any respite for the bulls. There might be a bit of a rebound in the prices but this would only be a correction of the downtrend and would not signify anything unless and until the $6800 region is broken through once again.