Bitcoin and Ethereum Price Forecast – BTC Prices Slide a Little

The BTC market continues to trade in a weak manner for another day as conflicting reports emerge about the strength of the market and whether the large players are indeed interested in coming out in support of the market. The Supreme Court in India did not spare time to handle the case regarding the regulation of crypto in India and that could also have been a contributing factor for the market to continue to remain dull over the last 24 hours. Things have been pretty quiet around the markets though some of the cryptos continues to slip in price and this is only serving to embolden the sellers even more in the short term.

BTC Prices Lower

The bulls have not been able to make any sort of a dent on the confidence of the bears and this has led the prices to drip lower in a slow and steady manner over the last couple of months. The only thing in favor of the BTC market is the fact that the prices have been held in range and it has not broken through the lows of the range despite the best efforts of the bears to make it so. We believe that this is likely to keep the bulls interested and it may also lead to a situation where they try and take control of the market in the medium term.

The ETH prices continue to drop and the prices are trading below the $180 region as of this writing and it is likely that the market is going to remain weak during the short term. This has indeed been a drastic turn around for the market and with many of the ICO owners beginning to sell off, it is only going to get worse as the time goes on. For now, there does not seem to be any bottom to the fall so far.

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Forecast

Looking ahead to the rest of the day, we can expect some tight consolidation and ranging to continue in the markets as the traders try to come to terms with things happening around the world and try to jostle for space in the hope that the market would pick up in due course of time.