Bitcoin and Ethereum Price Forecast – BTC Prices Weak

The BTC prices are beginning to show their first signs of weakness as it hovers around the $8000 region as of this writing and it has become urgent and important that the bulls begin to make a stand at this point of time. Over the last couple of weeks, we have been seeing the prices trading comfortably above the $8000 region which has helped to give some confidence for the bulls that they retain control. But we have also been pointing out to the fact that the bulls cannot get too comfortable at the same time.

Suggested Articles

• Why Bitcoin Cash is Better than Bitcoin?
• How to Buy Bitcoin Cash?
• How to Short Bitcoin?

Prices Hover Around $8000

This is due to the fact that the prices have been spending quite a long time near the support region and it was going to be only a matter of time before the traders and the investors got tired of holding and began to sell off the instrument and then this could lead to increased pressure in the prices. Also, the more time that it spends in the region, the more is the market exposed to various economic and fundamental changes which would then present the risk of a sell off happening. That is why it is important that they make a stand.

The ETH prices have also crashed lower during the course of the day as the prices now trade below the $700 region and it appears as though that this weakness is going to continue into the weekend as well. Though there seems to be a lot of fundamentals going around that are in favour of the ETH markets, so far, the general weakness in the crypto markets seems to be dragging down the prices of ETH along with it.

Forecast

Looking ahead to the rest of the day, we have to see the price action to see if there is a rebound and recovery in the prices in the short term. The region around $8000 to $7800 is expected to provide some good support and a break of that could lead to some serious weakness.