The BTC prices continue to remain well supported over the last 24 hours as the price have managed to rebound from below the $6000 region and have been trading above that region during the last 24 hours. It is likely that the prices would continue to trade in a buoyant manner in the short term though the strong selling region at $6600 continues to loom just ahead and this should cap the prices for now. Yesterday, we also saw reports that said that the exchange Bitfinex had released an additional 200 million worth of Tether (USDT) and that was the main news during the short term.
BTC Prices Above $6000
It has to be noted that the last time that such an action of issuing addition tether happened, the BTC prices jumped and this time, the investors and the traders expect a similar kind of action and this could be one of the reasons for the strong rebound in the prices and for the fact that the prices continue to be well bid over the last 24 hours. Of course, there has not been anything official too connect the dots between the USDT issuance and the price hike in BTC but these are the straws that the traders try to hold on to. Also, the fact that this issuance has come about when the BTC prices are below the $6000 region has led to the prospect that there would be some buying of BTC worth the tether that has been issued and this is the fundamentals that the traders are banking upon for their bullish view on the BTC prices in the short term.
The ETH prices have also managed to recover and now trade above the $450 region and as usual, the prices continue to trade in a strong manner as with the rest of the crypto market, though there have not been anything specifically directed at the Ethereum market as such.
Looking ahead to the rest of the day, we expect the market to continue to remain buoyant over the next 24 hours as the news and the rumors continue to rule the market, with regard to the issuing of tether and its supposed effects on the BTC prices. This should keep the market in good stead.