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Bitcoin and Ethereum Price Forecast – BTC Prices Holding on to Gains

Colin First
Updated

The BTC prices have remained stable over the last 20 hours or so after the quick spike that we had seen in its prices during early morning trading yesterday. The hike in the prices of BTc coincided with the fall in the prices of USDT which is considered as a stable coin. This could mean that large funds are being moved out of USDT and invested into the BTC market in the hope of better returns. Though this does not seem to have any short impact on the market or the prices, it could suggest a trend as far as the USDT prices are considered. It is likely to face some stiff competition for the tag of the largest stable coin, from other newer stable coins, and this could be adding pressure on its prices.

BTC Prices Solid

For the BTC bulls, it is happy times yet again and they would hope that they can continue to hold on to the gains and push higher in due course of time. They are not out of the woods by any means as yet and that is why it is important for them to quickly build on the gains that they have made and try to push higher over the next few days. If they do not make a quick job of it, then it is likely that the sellers would start walking in and traders would also begin to take profits and this would push the prices lower again.

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The ETH prices continue to be under some pressure as the development in the network and the planned releases are not getting completed as per the schedule. These delays are hitting the confidence of the investors and the traders and with many of the ICO owners also looking to sell off so that they can mop up some funds, we are in a situation where we are seeing that the ETH prices are still struggling.

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Forecast

Looking ahead to the rest of the day, we are likely to see some consolidation and ranging as the market digests this sudden change in the prices and hence we should see the highs of the range hold for now. We will have to watch the price action closely to see where the prices would go next.

This article was originally posted on FX Empire

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