The BTC prices are well and truly back in range as the prices fall further towards the support regions and now we are seeing the prices trade in the $6300 region as of this writing. We would not be surprised if the correction continues and the prices move lower as the risks around the world recede and so we are seeing some of the funds being pulled out of the crypto market and being dumped into other markets which give better returns in due course of time. This is one of the reasons why we are seeing the prices move lower over the last couple of days after threatening to break through the $6800 region of resistance at the start of the week.
BTC Prices Correct Further
We had mentioned at that time that this would be the region that is likely to witness a battle between the bulls and the bears and as long as the prices continue below this region, the bears are firmly in control. This is what we are seeing now as the prices have since tumbled lower and the market continues to trade in a weak manner. We are seeing support coming in at the $6200 region and we can also see a lot of buying coming in at the $5800 region from where the prices have rebounded over the last couple of times. So, as of now, the market seems to be locked in a large range of around $1000 and this is set to be the case for the rest of the month.
The ETH prices have been trading below the $450 region over the last 24 hours and the bearish outlook for the crypto market has gripped the ETH market as well. The ETH prices tend to move along with the rest of the crypto market and especially along with the BTC prices and the market has not yet matured to look at each token on its own strengths. This is why a strong coin like ETH is also suffering due to the bearish trend plaguing the BTC prices.
Looking ahead to the rest of the day, we do not have any major fundamentals that are likely to affect the market and hence we can safely say that there is going to be a continuation of the bearish trend in the markets at a slow and steady pace for the day.
This article was originally posted on FX Empire
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