The BTC prices have continued to flounder over the last 24 hours as the bulls have been unable to establish any sort of control. The market is still in the firm grip of the bears and they continue to put pressure on the prices over each passing day. As we have been mentioning repeatedly over several of our forecasts, it is unlikely that the market would move anywhere anytime soon as the prices seem to be stuck in a consolidation and ranging phase for much of the time. The prices are locked in a $1000 range which is quite a small range when it is compared to the usual volatility that we have seen in the BTC markets over the last several months. This range is being guarded on either side by the bulls and the bears.
BTC Prices Hover Around $6200
This kind of trading is making it difficult for the investors and long term traders to come to a conclusion on which side the prices are likely to go in the medium and long term and hence they sit on the sidelines waiting patiently for the breakout to happen in due course of time. This is also affecting the liquidity to a great extent and that is also one of the reasons why the volatility is low at this point of time. There is not much fundamentals or any specific economic news that is affecting the crypto markets at this point of time and this has only added to the lull in the markets over the last few days.
The ETH prices have also been closely following the path of the BTC prices and as we had mentioned yesterday, the market is not yet mature enough to treat each of the coins with its own respect and its fundamentals and that is why we are seeing that most of the market moves together with the BTC with BTC being the clear leader of the pack at this point of time.
Looking ahead to the rest of the day, we do not see any reason for the consolidation not to continue for the day. We expect the range to be maintained with a bearish bias over the weekend as well and we are likely to see the prices continue in the same price band when we arrive back on Monday.
This was originally posted on FX Empire