Bitcoin and Ethereum Price Forecast – BTC Prices Stable in Dull Trading

The BTC prices have remained stable above the $6500 region over the last 24 hours as we wait for the developments over the weekend. There isnt much scheduled anyway, by way of fundamentals or economic news and we estimate that the stability will continue to rule the roost in the BTC markets for the near future. It was an usual day at the office for the BTC traders as the prices continued to consolidate and range for another day and this is something that they have been used to, for the past few months. There are increasing signs that the worst might be behind us, as far as the BTC prices are concerned, but unless and until the prices move higher through the highs of the range, we still have to be wary.

BTC Prices Slow

The BTC prices have been locked in a range with the $6800 region serving as the range highs for the past several months. Though there have been attempts to break through this region, these have largely failed and hence it serves as the line in the sand for the bulls and the bears. The bulls would want to generate enough momentum to ensure that they manage to stick the move higher through this region, if and when the next break happens.

The ETH developers and the network has been busy over the past few days and a hard fork that was planned on the network has been postponed and as such, continuous development has been taking place in the network over the last few weeks which has helped the prices to remain buoyed during this period. This kind of trend is expected to dominate the ETH markets for the short term.

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Forecast

Looking ahead to the rest of the day, we do not expect any major volatility in the day ahead or over the weekend and hence, the range traders would continue to rule the roost in the short term, as has been the case over the past few weeks.