BTC prices have continued to stay buoyant over the last 24 hours as the price trade just above the $7700 region as of this writing. This is in line with our forecast of how the prices are likely to consolidate and range below the $7800 region for now and this is likely to continue in the short term as the market and the traders decide on the next direction. This is also in line with the price action from last year when the month of May and June were of slow movement and consolidation for much of the time. This had given way to a lot of volatility and a huge bull run later in the year but we doubt whether we will be able to see such large movements during this year though.
One of the main reasons for the possibility of such a large bull run being nil is due to the fact that now, there is a capacity to short the bitcoin prices by way of futures. This was something that was not available last year and hence the only way was to buy BTC as much as possible and this led to a 1 way demand in due course of time. It looks much more 2 way this year and that is one of the main reasons why the BTC prices have been struggling this year. Of course, the regulations and the fact that larger investors, with deeper pockets and preferring lesser action, have entered the markets and hence this has also had an impact on the price action.
The ETH prices are back trading above the $600 region as of this writing and this is expected to continue for the day. The ETH market has also been hit hard by the weakness that has been seen all around the crypto markets of late and that is the reason why its strong fundamentals is not showing through as yet.
Looking ahead to the rest of the day, we do not have any major fundamental data or economic news to impact the markets and once again, the region around $7800 would be the key going forward.