The BTC prices continued to trade in a strong and steady manner over the last few days as the market has shrugged off the bad news over the last few weeks and has been spending the last week or so in building the prices higher. It is indeed a surprise to note that just a couple of weeks, the BTC prices had fall to the $6000 region and as usual, the naysayers had been predicting the end of the bitcoin world. But the investors and traders have once again showed their confidence in the bitcoin industry which has helped the prices to bounce off from the floor and it now trades comfortably above the $10,000 region as of this writing.
BTC Prices Continue Above $10,000
As we had mentioned in our forecast, it is likely to face quite a bit of selling in this region and it would need something special for the prices to be pushed along further from here. But the cross through the $10,000 region is likely to draw in investors and traders who had been on the sidelines during the fall, as the price region marks a psychological point for the traders and they should feel emboldened to enter the markets now that the market prices have pushed through the region and managed to hold that region for now. With the holidays in China also drawing to a close in a day or 2, we can expect some volume from the Chinese traders though that volume is likely to be quite less when compared to the previous years, due to the ban imposed on crypto trading in China last year.
The ETH prices have not enjoyed as much patronage as their BTC counterparts as the development side of ETH seems to be having some issues with the latest code changes not going through as successfully as before. This has brought some pressure on the ETH prices and though it trades in a steady manner, it has not been able to push through the $1000 region as yet though it appears only to be a matter of time.
Looking ahead to the rest of the day, it is a bank holiday in China and the US and hence, the volatility is expected to be low though the markets would continue to remain open. The region around $10000 should serve as strong support for the BTC prices while the ETH traders would be targeting $1000.
This article was originally posted on FX Empire
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