The BTC prices have been consolidating over the last 24 hours and it seems to be forming a base at the support region around $10,400. As long as this region is held, we believe that the bulls are still in control and if this continues, then we should see an uptrend after the consolidation is done and this uptrend should then target the $12000 region once again. The last week or so has been good for the bitcoin bulls as they have been able to push the pair beyond the psychologically important region of $10,000 and this has helped them to gain control in the short term. This has also let out a statement to those sitting on the fence that the bulls are here to stay and that the bitcoin market would not crash down to zero as many fear.
BTC Prices Hover Near Support
This fear is mainly borne out due to the lack of fundamentals in the BTC market and this is something that is likely to continue to rankle the markets in the future as well. But for now, the bulls have made their stand pretty much clear and it is likely that they would continue to try and push the prices higher in the short term. The industry has been able to gain traction in the recent weeks after the blows that it had suffered in the weeks before and the repeated resilience of the prices is likely to draw in more and more believers and buyers which should keep the prices buoyant.
The ETH market has been hit hard due to comments from their founder who has said that cryptos could fall to zero at any point of time. There are also reports of confusion on the next code release in the network and the possibility of development of an alternative to Ethereum and these have been dampening the spirit of the bulls. This is showing up in the prices which has not been able to match the strength of the BTC market and that is why we are seeing the prices continue to hover around the $850 region.
Looking ahead to the rest of the day, we do not have any major fundamentals that are likely to affect the BTC and the ETH markets. We can safely expect the buoyancy to continue in the BTC market with the ETH prices trying their best to follow suit.
This article was originally posted on FX Empire
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