Bitcoin and Ethereum Price Forecast – BTC Prices Correct Further

The BTC prices have continued to fall over the last 24 hours as the prices now trade below the $6000 region once again and it has to be noted that the prices have fallen by over 70% since the beginning of the year. Gone are the days when traders could simply walk in, choose a good level and go long under the assurance that the prices would continue to go up in a single direction and they would then be able to get out with some good profits. Rinse and repeat. This is how the BTC market was during the second half of last year but things have changed ever since the prices hit $20000 and the BTC futures were introduced into some of the main futures exchanges in the US. This brought in a lot of control and 2 way action.

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BTC Prices Below $6000 Again

It is this 2 way action that has led the prices to sink lower and lower over the last few months and so far, there does not seem to be any end to it. There is simply too much pressure on the prices and with more and more regulation on the one side and hacks and other bad news about the industry and with the prices falling, there does not seem to be anything on the horizon that is likely to induce the investors and the traders to invest in big amounts into this market as yet. Also, those who had bought the BTC last year in the hope of better prices have been caught out at a high price and this has made it difficult for them to exit and this has in turn affected the liquidity as well.

The ETH prices have also corrected lower and now trade just above the $400 region and like the rest of the crypto market, it has been unable to catch a bid and as long as the BTC market continues under pressure, we are likely to see the ETH prices also in the dumps.

Forecast

Looking ahead to the rest of the day, we expect the prices of both BTC and ETH to be under pressure as we head into the weekend and with the liquidity drying up even more during the weekend, we could see some further weakening. Traders need to be careful.