Bitcoin and Ethereum Price Forecast – BTC Prices Still Below $7500

The BTC prices have been consolidating over the last 24 hours, something which we had said that it would happen in our forecast yesterday. There seems to be a lot of selling in the $7500 region and due to this factor, we are seeing the prices struggling to move through this region and even if they did, they would face another wave of selling in the $7800 region and that is why we had said that it would be difficult for the bulls to push higher under such circumstances. There have not been any major fundamentals over the last couple of days and that is why we have seen the prices getting stabilised as well.

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Prices Consolidate

World over, we are seeing the markets begin to slow down and consolidate and looking to move higher in a sign that risk is returning back to the markets once again. And we have noticed a pattern where the crypto markets behave like the stock markets in the sense that they tend to rise when the risk is in the markets all around the world and they tend to fall when the risks go. This is another sign that the market is maturing pretty fast and it is looking to go the way of the other markets around the world.

The ETH prices have also recovered but they also seem to be caught in a range and they continue to consolidate in a slow and steady manner over the last couple of days as the traders and the investors await further developments in this market so that they can decide which way they want to go. They are likely to be guided by the BTC prices as usual.

Forecast

Looking ahead to the rest of the day, we expect the consolidation and the ranging to continue with  tendency for weakness in the markets during the day. The BTTC prices are expected to continue to trade below the $7500 region.