Bitcoin and Ethereum Price Forecast – BTC Prices Below $7000

The bitcoin prices continue to trade in a weak manner over the past few days with the BTC prices hovering below the $7000 region for most of this period. The break below the $7400 support region has been one of the key factors for this weakness and this has forced the traders to sit back and wait for the market to show its hand before committing again. The interest in the crypto markets has taken a large dip in recent times and this is reflected in the lower liquidity and the volatility that we have been seeing in these markets during this period.

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Prices Consolidate

This is also one of the reasons for many of the speculators to exit this market at this point of time and with their exit, the situation has just snowballed into a point of no return and that is one of the reasons why we are seeing the rebounds taking a much longer time than usual. But with the completion of the month of March, we are seeing the end of the tax season in many parts of the world and there is a general faith in the markets that this would encourage more of the traders and the investors to come back into the markets once again. But all of that would depend on what kind of upward momentum this market can generate as only this is likely to attract back the traders.

The ETH market has also been very weak during the last few days as the prices trade below the $400 region for most of the time. The ETH market has been especially hit over the last few weeks due to the confusion and the uncertainty on the direction that the project should take and this is taking its toll on the prices.

Forecast

Looking ahead to the rest of the day, it is still a holiday in many parts of the world as a result of a continuation of the Easter holidays and hence we can expect the liquidity to be lesser. We would advise the traders to wait on the sidelines and watch for the direction before jumping in.