Bitcoin and Ethereum Price Forecast – BTC Prices Drab and Steady

The BTC prices have been consolidating over the last 24 hours and the attempt at a breakout on the day before has long been forgotten. That break out did not last long and the gains have been quickly reversed and the prices are back in the range which has been dominating the markets over the last 2-3 months. The main news for the market over the last 24 hours has been the fact that the SEC has rejected the applications of some more ETFs yesterday which is in continuation of the rejections that other ETFs have had over the last few weeks. We have seen a slew of application for BTC and other crypto based ETFs and it is indeed a surprise that all of them have been rejected over the last few weeks, though the reasons seem to be different for different rejections.

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BTC Prices Slow

There has not been much clarity in this aspect but it seems that many of the retail traders have become immune to such news. When the first few ETF application were rejected, the impact on the market was much larger as the traders and the investors had viewed it as a setback to the market but over time, the traders seem to have come to the conclusion that the market is not yet mature enough to accept ETFs at this point of time and the later rejections were quite expected as far as the market is concerned. That is why we have not seen much volatility in the prices post the rejections for this time though we believe that the development of this market to accept ETFs is only a matter of time.

The ETH prices have also crashed lower over the last few days and they continue to trade well below the $300 region as the traders and the investors seem to have lost the enthusiasm for this market. Sometime back, the ETH market was expected to do better than the BTC markets, considering that the fundamentals were stronger but that has not been the case so far.

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Forecast

Looking ahead to the rest of the day, we do not find any reason for the market to even make an attempt  to break through the existing range and we quite expect the market to continue to trade within this range for the short term.