Bitcoin and Ethereum Price Forecast – Prices Hit Resistance and Fall

The BTC prices crashed lower during the course of trading yesterday as the prices pushed below through the $7000 region and was back at its lows of its range a few hours earlier. There has not been any specific fundamental reason for the fall in the BTC prices but it is the overall negative sentiment surrounding the market that has been pushing the prices lower and lower. It is a pity and a surpise as well that just when the industry is expanding in its breadth, and has begun to gain recognition even from big banks, it seems to be losing the support of its large traders and investors who prefer to wait on the sidelines waiting for the direction.

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Prices Fall Below $7000

A sizeable chunk of these traders are also likely to have been caught at the top of the BTC range above $10000 and they are now unable to get their funds out and rotate their funds for trading. A combination of the above reasons has made the investors sit on the sidelines and until and unless the bulls make a large bullish leg, the confidence in the industry and the market would continue to remain low and this would continue to place a lot of pressure on the prices in the short term. The bulls would have to manage this leg without the support of such traders and investors and this is the challenge that the bulls face at this point of time.

The ETH prices have also dropped below the $400 region and struggle to gain back this region at this point of time and we do not expect the market to be too buoyant at this point of time. It is going to take a lot of time for them to recover the issues that are plaguing the network.

Forecast

Looking ahead to the rest of the day, the BTC and ETH prices are back at the lows of their ranges and it remains to be seen whether this support would hold. If yes, then that would give some confidence for risk takers to start buying again.