The bitcoin prices were hit hard yesterday as they dropped through the strong support region of $10400 during the course of trading yesterday. The break of strong support brought in additional selling in BTC and this led the prices even lower during the course of the day and now we see the prices trading below the $10000 region as of this writing and looking pretty weak. We had said that the break higher through the $10000 region would have drawn in a lot of traders and investors and now that the prices are below this region, the liquidity is likely to become less and it is also likely that some of those who entered the bull run late might be beginning to panic.
BTC Prices Fall Through $10,000
lls as they are likely to be on the backfoot at this point of time and there does not seem to be any place where they can hide. This only opens up the possibility of more weakness along the way and with this in mind, our traders and readers should be careful when they try to pick a bottom. The BTC prices are quite volatile and hence it is difficult to pick a bottom in such circumstances. There have not been much fundamental developments in the BTC market over the last 24 hours though there has been the customary speech from the Japanese ministers about the need to keep the cryptos and the exchanges under check and audit.
The ETH prices had also been moving lower over the last 24 hours but they seem to have received a boost as of this morning. The prices had begun to trade below the $800 region for a brief while but they seem to have got a second wind and now the prices trade comfortably above the $800 region. This choppiness is likely to continue in the markets in the short term.
Looking ahead to the rest of the day, expect the pressure on the BTC and the ETH prices to continue and we believe that the BTC prices should find some support around the $9300 region which should hold the prices for now. The ETH prices are likely to find support in the $780 region.
This article was originally posted on FX Empire
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