Bitcoin and Ethereum Price Forecast – BTC Prices Choppy

The BTC prices have picked up pace over the last 24 hours but they still seem to be struggling to break through the $7500 region as of this writing. The prices are trading just short of that region and it is likely that the consolidation and ranging might continue through to the weekend as the next region of selling near $7800 is nearby and the market lacks momentum at this point of time to break through that region. But the rebound so far in the BTC market has been quick and smart and it is likely that the prices would continue to remain buoyed.

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Prices Remain Stable

We also have the strong support coming in at the $6600 region and based on all these, we believe that the prices would be locked in a phase of consolidation and ranging for the short term. There have not been any specific fundamentals to boost the market over the last few days but there has been a general stability and pickup in the markets associated with risk, like the stock markets, and this usually tends to have an impact on the crypto markets as well which has started maturing into a serious avenue for investment over the last few months. More and more large players are beginning to realise the potential of this market and that’s why they have been walking in with a view to profit from the same.

The ETH prices have also received a boost over the last 24 hours and after making a brief trip below the $550 region, they are back above that region as of this writing and it is in a similar price band as it was at the same time yesterday. We believe that the ETH market would continue to remain buoyed in the short term.

Forecast

Looking ahead to the rest of the day, the market would be closely watching the price action in the $7500 region which has been witnessing a lot of selling of late and the bulls would be trying to push higher through this region over the weekend.