Bitcoin and Ethereum Price Forecast – BTC Prices Under Pressure

The BTC prices have failed to gather any sort of momentum to the upside and this gives the possibility that the bears would regain control once again and we might see another push lower towards the $7400 region once again. We have been seeing the prices consolidating and ranging over the last couple of days and we felt that this would help the bulls to accumulate and push the prices higher in due course of time but that has not happened which increases the risk to the downside.

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Prices Under Pressure

The prices have been unable to mount any kind of serious challenge above the $8000 region and if the prices break again to the downside, then we should be looking at the $7400 region as the next logical target for the bears. We are getting towards the end of the tax season in many parts of the world and we are also seeing many of the regulators call out to the BTC and other crypto traders to declare their profits and pay the taxes and with this being the first year when such a call out is being made, we are likely to see some confusion and uncertainty which probably adds to the pressure that the prices are under.

The ETH prices have also been dropping lower over the last few days, in line with the general fall in the crypto prices that we have been seeing during this period. There seems to be a lot of choppiness owing to the uncertainty over the direction that the ETH network is expected to take in the future and this has added to the pressure on the ETH prices.

Forecast

Looking ahead to the rest of the day, we do not have any major fundamentals that are likely to rock the market but we believe that the market would be under pressure in the short term as we head towards the end of the month.