The BTC prices have rebounded over the last 24 hours and now they trade comfortably above the $10,000 region. The prices have been moving on either side of $10,000 over the last few days in what can be seen as choppy trading and this is likely to last for the short term. The investors are still short of confidence and the frequent trips on either side of this region is not helping matters as well. What the traders and investors would like to see is the prices moving above this region and then holding above this region for quite some time so that the investors would know that the prices are in good hands and then they would be able to commit themselves in a better manner.
- Why Bitcoin Cash is Better than Bitcoin?
- How to Buy Bitcoin Cash?
- How to Short Bitcoin?
BTC Prices Above $10,000
Also, as the prices have fallen by around 50% over the last few months, we are seeing a lot of traders, who bought at the higher ranges, being caught out and not being able to exit. Hence their funds are locked out from trading for a lot of time and this is increasing the pressure on the market and the traders as well. In other news, we have seen the payment company Circle, backed by Goldman Sachs, acquire the exchange Poloniex which is a further sign that more and more people are beginning to realise that cryptos are here to stay.
The ETH market has also been buoyant over the last 24 hours as we now see the prices trading comfortably above the $850 region. The uncertainty over the future of development in this network continues and it is going to be difficult for the ETH market to shrug it off in the short term. This uncertainty is likely to place a lot of pressure on the markets, as it has been doing now, and this should keep the prices in check.
Looking ahead to the rest of the day, we believe that the BTC prices should face some resistance in the $10,400 region which should hold the prices for the short term. If there is a clean break through this region, then we should see the BTC prices heading towards the $12,000 region. The ETH prices are also likely to try and follow suit but due to the uncertainty and price pressure, we doubt whether the momentum would be as strong as in the BTC market.