Bitcoin and Ethereum Price Forecast – BTC Prices Crash Through $7000

The BTC prices have been crashing lower over the last 24 hours and it appears as though the consolidation and ranging is over for now. We had been seeing the prices struggling to break higher through the $7800 region over the last couple of weeks and towards the end of last week, we had reminded our readers that we are entering into dangerous territory as the longer it takes to push through higher, the more risk that the bulls are going to face in due course of time, mainly due to the fact that more and more traders are likely to get tired of holding on and the weak holders would seeriously start thinking about how they could exit in what is seen as a very slow market over the last few weeks.

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BTC Prices Crash

They would be watching for signs of exit and they would also be looking for signs of weakness in the markets and if and when they see it, they would be most ready to abandon the ship and sell off and thats what we have seen over the last 24 hours as the prices have crashed below the $7000 region and now trade close to their levels which we had seen in April. This is another region of support and buying that we are seeing, around the $6600 region and we believe that it will hold up the selling for the short term atleast. If the selling proves to be still stronger, then we are probably looking below $6000.

The ETH prices, like the rest of the crypto market, has also crashed over the last 24 hours and now it trades just above the $500 region as of this writing and it is likely to remain weak over the short term atleast and this would only add to the selling pressure in the coming days.

Forecast

Looking ahead to the rest of the day, we expect the weakness in the market to continue for the short term and this is going to keep the BTC and the ETH prices under pressure over the coming days. Traders should brace themselves for lower prices.