Bitcoin and Ethereum Price Forecast – BTC Prices Push Through $10,000

Bitcoin prices continued to move higher and finally managed to break back through the $10,000 region in what can be viewed as a significant achievement as far as the bulls are concerned. The strong resistance region of $10,400 is nearby by the cross of the psychologically important region of $10,000 should instill a sense of confidence among the bulls in bitcoin and should also encourage those on the sidelines to seriously consider getting back into the bitcoin markets again. The worst seems to be over, atleast for the time being, and this is one of the reasons why the BTC prices have been moving higher over the past couple of weeks.

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BTC Prices Buoyant

The market is also awaiting the return of the Chinese traders but whether they would have an impact on the markets as they used to is something that remains to be seen. But the BTC prices seem to be doing well even without them onboard and being away on holiday. There have not been much fundamental developments in the industry over the last 24 hours except for the usual calls for more security and more regulation from the various leaders and central banks and the authorities as well, especially in the light of some hacks that have been happening at the various exchanges.

The ETH prices had been tracking the BTC prices quite closely since the beginning of the week but they seemed to have lost touch from yesterday as one of the developers in Ethereum has had to resign due to legal issues that he has had to deal with. This is considered as a temporary setback to the ETH market and as a result of that, its progress towards the $1000 seems to be on hold for now.

Forecast

Looking ahead to the rest of the day, expect some slowing down of the move higher in the BTC prices as it enters a region of selling and this could affect the ETH prices as well as we head into the weekend. This could lead to some consolidation and ranging in the coming days.