Bitcoin and Ethereum Price Forecast – BTC Prices Correct LowerThe BTC prices corrected lower towards the $6400 region as the ETH prices continued to hold on to its gains
The BTC prices moved lower back towards the middle of the range only confirming the consolidation and the ranging that we have been seeing in the market over the last few months. Just as there has not been any major reason for the buoyancy and the move higher over the last week, there has not been any major fundamentals or economic news over the last 24 hours to push the prices lower but as a continuation of the consolidation, we are seeing the move lower and this only adds to the woes of the bulls who were looking to push higher and make a statement to the other traders.
BTC Prices Correct
The bulls do need to generate some sort of momentum and for this, they need the support of a lot of traders and for the traders, it is important for them to see signs of strength and signs that the bulls are in control and the range would be broken sometime soon for them to enter into the market full of confidence. That has not happened so far and that is why we are seeing the consolidation continue and for now, there has been no signs of the range being broken anytime soon and so the traders have to just continue to wait and watch the market and hope that it breaks out sometime soon and also hope that the volatility is back.
The ETH market continues to remain strong despite the correction in the BTC prices and the ETH prices continue to trade above the $200 region as of this writing. The ETH prices have received a boost due to the developments in the network and this has helped it to recover from its lows.
The prices are expected to continue to consolidate and range over the next 24 hours as well and with the lack of fundamental drivers in the market, it is no surprise if that continues to happen for the short and medium term as well. The range traders are likely to rule the roost for now while the long term traders accumulate and wait on the sidelines.