Yahoo Finance Bitcoin and Ethereum Price Forecast – BTC Prices Above $6600
The BTC prices received a boost over the last 24 hours and now we see the prices peeking above the $6600 region as of this writing. This is likely to keep the demand for BTC high as more and more traders and investors are likely to be enticed into the market in the hope of the next bull run happening in due course of time. We expect a lot of selling to happen in this region and so it would be better to wait and see the price action before jumping into the trades. So far, the moves have been quiet and steady and there have not been any major signs of a breakout as yet and hence it is important that the price action is closely watched.
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BTC Prices Buoyant
Much of the move has happened over the last few hours which shows that the demand from Asia, especially from countries like South Korea and Japan have been high over the last few hours. There have not been any major fundamentals to rock the markets are yet except for the news that the South Korean authorities are likely to go slow on regularisation as they do not want to give credence and legality to the cryptos just as yet. It is clear that as more and more countries begin to regulate the crypto markets, it would only mean that more and more legitimate investors and traders are likely to enter the markets in due course of time.
The ETH market has also received a boost from the overall bullish nature of the crypto markets over the last 24 hours and it now trades comfortably above the $500 region as of this writing after spending a lot of time at the lows of the range near $450. It is expected to remain buoyant in the short term.
Forecast
The moves over the last few days have shown that there is a lot of buying support in the region around $6300 for the BTC market and this is likely to keep the prices well supported for today. The traders would be watching the price action very closely for more clues on the resumption of the bull trend.
This article was originally posted on FX Empire
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