Bitcoin futures were launched at the CME exchange and the January 2018 contract started its trading above $20,000. This led a brief rally in the bitcoin spot prices which pushed through the $19,000 for a brief while before correcting lower and it now trades in the mid 18000s region as of this writing. It looks as if the bitcoin prices might be getting primed for its next move upwards after a week of consolidation when the focus had shifted to other coins like ether and litecoin. It remains to be seen whether large moves in the bitcoin market are possible as we head towards a period of holidays and the end of the year.
Prices Of Futures Hit $20,000
This market is pretty new and hence it is difficult to judge on how the market would behave at various points of time and what kind of price action to expect from this new breed of investors and speculators. So far, there has not been any sign of a correction or profit taking in the market as we head towards the end of the year and if the pricing of the futures is anything to go by, we can only expect more bullishness in the weeks ahead. Already, many investors and traders have started looking forward to the next year which many believe, would see the BTC prices continue higher.
The ETH prices have been correcting lower over the past few days and this is natural for any market to do that following the large uptrend that we had seen in the prices about a week back. We continue to believe in the strong fundamentals of the ether market and hence we believe that this is only a period of consolidation before the next move higher in the ether market.
Looking ahead to the rest of the day, expect the BTC prices to continue to remain buoyed and make an attempt at the $19,000 region during the course of the day. The ether market, in the meanwhile, is likely to continue to consolidate and range as the market waits for direction.