The bitcoin prices continue to consolidate and trade with a bearish bias, something that we had pointed out last Friday. The market is maturing very fast and this is evident from the price action that we have been seeing in the market. No more do we see major and uncontrolled moves on either side and we can see that the rises and the falls in the prices have been much slower and steady. Any major fall has been met with quick buying and we see strong selling come in on higher prices as well. These are typical signs of a maturing market with large investors coming in and the speculators moving out with the realisation that they would not be able to get the exorbitant gains that they are used to.
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BTC Prices Choppy
On the fundamental side, we have reports that South Korea has announced that there would be a lot of discussion happening before any call on closing down of the crypto exchanges takes place. This is against what the Justice Minister had said last week when he called for a closure of the exchanges. This led to a backlash from a lot of people online and offline and we believe that this has led the regulators to think twice. But the impact on the BTC prices so far, over all these developments, has been pretty muted so far and that is one of the reasons why we are seeing the BTC prices continuing to languish in the mid 13000s.
Ethereum prices have been trading pretty strongly though they have not been able to push through the $1400 region on a consistent basis. Though they had a period of correction towards the $1200 region sometime over the weekend, it has since bounced back over the $1300 region as of this writing and it is likely to continue its bull run in the short term.
Looking ahead to the rest of the day, the BTC prices are likely to continue to consolidate below the $14,000 region for the day as the lack of fundamental drivers is likely to weigh on the market. The ETH prices are expected to be buoyant and it is only a matter of time before the next bullish leg begins and we should then see the prices being carried towards the $1500 region.