The bitcoin prices rose over the last 24 hours which has been a period of general bullishness in the crypto markets. We do not know whether the weakness in the dollar, that has been seen all across the markets, was a factor which contributed to the prices of bitcoin moving up as the markets are not considered as mature as yet to deem such comparisons as true. But the analysis of markets has always been about study of patterns and probably this could be a pattern that is worth looking into. The prices may also have risen due to the fact that the market has managed to settle over this period after all the confusion and uncertainty over the regulations in South Korea.
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BTC Prices Push Higher
Now that the regulators over there have laid down the path which they are going to tread, it is easy for the markets to adapt to the same and see how the traders can work along with it, an option that is much easier than to adopt an uncertain and confusing stance. This led to an initial move lower but we had mentioned at that time that this move lower could only be temporary and that the regulations would only help to strengthen the market in the medium and long term. We had also said that the period of bearishness would lead to a bit of consolidation followed by a bullish leg and we are probably seeing the bullish leg at this point of time as the BTC prices trade comfortably above the $11,000 region as of this writing.
The ETH prices have also smoothly risen above the $1000 region during this period and now challenge the $1100 region which should be only a matter of time if this bullishness continues. We expect the ETH prices to challenge its all time highs in due course of time as we continue to believe in the strong fundamentals of the ethereum network.
Looking ahead to the rest of the day, expect the bullishness to continue in the crypto markets which should push the BTC prices towards $12,000 and move and head towards the $13,000 region while the ETH prices head towards their all time highs.