The BTC prices are under a lot of pressure over the last 24 hours and it appears as though the bears are gaining more and more control over the market during this period. The bulls have been forced to give way and the prices are now trading in the $6500 region which is the last region of strong support for the prices. If this gives way in a strong manner, then we are likely to see a stronger wave of selling in due course of time which should lead the prices below the $6000 region and then it would be a long way back for the bulls.
BTC Prices Losing Support
We had mentioned something similar yesterday in our forecast where we had said that if the prices break through the last region of support, then it would only mean more weakness and with several of the traders having been locked out at higher prices, it is going to make it very difficult for them to get out. The limited supply of BTC should help in the medium term for the demand to kick in and push the prices up but that is going to take some time and those weak holders would only be looking to sell off as the prices move lower and they come under pressure.
The ETH prices have also fallen below the $500 region and now trade near the $480 support and like the BTC market, it is under a lot of pressure and it looks as though the $480 region might come under pressure pretty soon and a break of that could lead to the prices moving much lower.
Looking ahead to the rest of the day, as mentioned above, both the BTC and the ETH prices are at their regions of last support and we have to watch the price action very closely. Unless there is a rebound pretty quickly, we are likely to see more weakness on the way.