Bitcoin and Ethereum Price Forecast – BTC Prices Under Pressure

The BTC prices have been sinking lower over the last few days and the story was the same yesterday as well. The market seems to be still uncertain on the bullishness and though the bulls seem to be in control and hence there is no possibility of a total reversal at this point of time, the traders and the large investors still have not shown their hand as yet. They seem to be trading in a subtle manner pushing the prices lower in general but it remains to be seen whether this is the bears in action or whether this is general consolidation that is happening which could translate into accumulation.

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Prices Move Lower

If this is indeed accumulation, then we should be seeing the prices moving up in due course of time but we still do not have any signs for the same. With the lack of any major fundamentals over the last 24 hours and with the dollar continuing to strengthen all across the board, we are seeing some more of the same ranging in the prices during this period. As we have said before the region around $8800 is likely to be the key in the battle between the bulls and the bears for control and we are not yet in the region as yet, which shows that the underlying continues to be bullish over this period.

The ETH prices have also corrected lower and the prices are back in the low $700s region as of this writing but here in this case also, the support is nearby and we will have to see the price action when the prices get near there. Till that time, it is good to sit on the hands and watch the market closely and read what the market is trying to tell us.

Looking ahead to the rest of the day, the weakness is likely to last for some more time and we are also likely to see the markets come under pressure. It would not be a surprise if the markets move towards their support regions and then we will have to watch the action closely at that point.