Bitcoin and Ethereum Price Forecast – Bitcoin Prices Continue Rebound

The BTC market continued its recovery as it has become steady and seems to have settled around the $8000 price region as of now. This should be good news for the bulls who have been hit hard over the last few weeks as the prices have dropped like a rock during this period. The BTC and the crypto market got an unlikely ally in the US when the Senate hearing on cryptos ended on a hawkish note for the industry. They were expected to be hit hard during this hearing but must have been pleasantly surprised by the support that they got as the US regulators seem to realise that the cryptos are here to stay and could turn out to be the future as well.

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BTC Prices Trade Near $8000

This realisation needs to spread across the markets and the regulators through the world for this industry to gain the respect and the recognition that it deserves. The crypto markets have got a boost due to that and now we see the BTC prices make a strong bounce from the $6000 region and trade confidently in the $8000 after a long time. This confidence had been lacking among the bulls over the last few weeks but the consolidation in the $8000 region over the last couple of days should lay the seeds for the next bullish leg in the instrument in the coming days.

The ETH market has also got a boost and now we see it trading just above the $800 region as of this writing and the bullishness is expected to continue in the short and medium term. We believe that the worst is over for the market, atleast in the short term, and we should see the market prepare itself for the next move higher which should target the $1000 region in due course of time.

Looking ahead to the rest of the day, expect the churning and the choppiness to continue for the day in both the BTC and the ETH markets and this is likely to keep the traders busy as the volatility is likely to be high. The traders would be well advised to keep trading with their stop losses tight so that they dont suffer if the prices go against them.