BTC Prices Looking to Break Range
The push higher has come due to some strong buying from some large investors and also with the reports of the entry of some large investors into the crypto market. We also saw that the tie taken for mining between 2 blocks of BTC took almost an hour and this has led to a slowdown in the mining and with the supply getting limited, the natural consequence of that is the fact that the prices have to move up and this is what we saw yesterday. But though the prices have risen, as long as there is no breakout from the range, the bears continue to be in control and the bulls have to do a lot more to take control but we are going to see soe interesting price action ahead.
The ETH prices have also shot higher on the back of some strong bullish sentiment in the markets but similar to the BTC markets, we are seeing that the prices are trading just short of the strong resistance region around the $480-$500 region and this is likely to serve as some strong resistance in the near future. We will have to watch the price action very closely henceforth.
Looking ahead to the rest of the day, it is going to be an interesting day of action in the crypto markets with the bulls trying to follow up on the push higher. But we believe that the bulls do not yet have the required momentum and what we are likely to see is even more slow trading and consolidation for today just below the region of resistance.