Bitcoin and Ethereum Price Forecast – BTC Prices Shoot HigherThe BTC prices have shot higher towards the highs of its range and it shows that the bulls are lying underneath waiting for the right time
The BTC prices have shot higher just before we got to publish this analysis. The prices have shot up by over 7% as of this writing and the prices have shot through the $6900 region after more than a month. But with the highs of the larger range coming in at that region, we have found some strong selling happening in the region which has since pushed back the prices below the $6800 region as of this writing and the trading continues in that region for now. There has not yet been any specific reason for the sudden move higher except for the fact that the move has been quick and fast.
BTC Prices Above $6700
Till that time, the prices had been consolidating as usual around the $6300 region and this has been happening over the weekend as well. The traders have been beat up quite a bit as they had entered the market in the hope that the prices would move higher in a slow and steady manner. But the consolidation and the ranging that has been going on in the market over the last few months had made it difficult for the traders to hold the BTC and instead of having something that didnt grow in value, many had begun to sell it off to move into other assets. Those who have held on would hope that the move higher would hold in due course of time and the prices would then be able to push higher through the range and make the bullish leg last longer.
The ETH market continues to remain dull though it has risen along with the BTC prices. The prices trade along the $220 region as of this writing but the market does not share the enthusiasm of the BTC prices at this point of time. This is just something that has added on to the woes of this market and also shows what a turn around it has been for this market at this point of time.
Looking ahead to the rest of the day, the market will be closely watched by the traders on how the London and the US traders are going to respond to this sudden spike in the BTC prices. They will hope that the bulls would be able to hold on to the gains that have been made and build on it as well.