Bitcoin and Ethereum Price Forecast – BTC Prices Rebound

The BTC prices have received a boost over the last 24 hours and the prices have climbed above the $6500 region as of this writing though the important resistance is just above. A combination of factors have led to this rise in the crypto markets and it has benefited not only the BTC prices but the prices of other cryptos as well, A couple of days back, we saw the expiry of the BTC futures for this month at CBOE and this had led to some choppy trading at that time. With the expiry out of the way, we have some breathing space for the bulls who have been using it to push the prices higher.

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BTC Prices Above $6500

Another piece of news is that the EC is likely to take the view that ETH is not a security and though this is unlikely to have a direct impact on the prices of BTC, the fact that the SEC is doing something favourable to the crypto industry is in itself a good and hawkish thing for the industry and it is a combination of these that has led the prices higher, we believe. We believe that the prices would continue to be bullish in the short term and it would be interesting to see how the prices react if and when they manage to get through the $6600 region next. If the move is fast and quick and manages to hold, then we should see the prices moving still higher in due course of time.

The ETH prices have received a boost from the declaration of the SEC that it isn’t a security and this has helped the prices to move through the $500 region and it trades above that as of this writing. It is unlikely to move alone and hence it needs the support of the crypto bulls to continue to push higher though the start has been pretty encouraging.

Forecast

Looking ahead to the rest of the day, the prices are expected to be buoyant as we head into the weekend and the traders have to watch out for any violent moves during the weekend when the liquidity is expected to be low.