The BTC prices continued to trade within a tight range in a mode of consolidation as the line of battle between the bulls and the bears seems to be around the $8000 region for now. Above this, the bulls would continue to remain in control while below this, the bears would regain control and look to push the prices even lower. The prices have been trying to move higher over the last 24 hours though the progress has been slow and met with a lot of selling. We believe that this is more of consolidation before the next move higher but unless we see specific signs of the same, we cannot be sure as yet. It appears as though the large investors are looking to accumulate BTC at this point of time.
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Prices Stubborn
We have not had any specific major fundamental news coming in over the last 24 hours except the usual news of new exchanges beginning to ply their trade and with larger companies like NASDAQ also looking to join the fray. As we have been saying all along, we are seeing the large companies beginning to stream into the market which is likely to bring in large investments and lead to the maturing of the market in a fast and quick manner in due course of time.
The ETH market has also been trying to move higher and the prices are now well above the $700 region as of this writing. It has to be said that this market has been quite buoyant over the last couple of weeks as developments in the network are only going to benefit its users in the medium and long term and the market is beginning to slowly but surely price in that factor.
Forecast
Looking ahead to the rest of the day, we do not have any major fundamentals or economic news coming out at any part of the world though it is expected that the Consensys summit in the US is likely to keep the markets buoyant atleast for the short term.