Bitcoin and Ethereum Price Forecast – BTC Prices Trying to Generate Momentum

Though the BTC prices remained stable for much of the weekend, there seem to have received a round of buying since the beginning of trading today and now trade in the high $6400 region which leads to the belief that finally there might be some light at the end of the tunnel for the traders as a whole and especially for the bulls as they would hope for some volatility in the prices in the coming weeks. In fact, a lot of the market would want to see some kind of a bull rally towards the end of the year and they would be hoping that they are seeing the start of that as of today.

BTC Prices Nearing $6500

But there is still a long way to go and with the highs of the range over the last few months looming around the $6800 region, it is likely that the move higher that we are seeing now, could face a lot of resistance in the coming days. Also, it has to be noted that though the prices have managed to break through that region over the last few months, the break has not been able to hold for long and hence the bulls have always been on the backfoot over this period. It is likely that they will try to generate some momentum in the coming days and weeks and see if they are able to push the prices higher.

But the ETH market continues to flounder even though the BTC prices have begun to look menacing over the last few days. The ETH prices trade above the $200 region as of this writing but in no way do the prices seem to be having enough legs to generate any sort of momentum in the coming days. Even the reports of the impending release of the Ethereum 2.0 version with an upgraded network has failed to enthuse the markets so far.

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Forecast

Looking ahead to the rest of the day, it would be interesting to see whether the momentum generated during the Asian hours is able to sustain for the rest of the day. If it does, we should see the BTC prices challenge the $6500 region and further and that would be a large boost for the bulls in the market.