The BTC prices have managed to break through the $11,000 region and after a brief period of consolidation it seems ready to test the strong resistance in the $12000 region as of this writing. It is going to be a big challenge for the bitcoin bulls to push the prices through this region as they have already failed in this region a couple of times and hence it is likely that they are going to face a lot of selling in this price region. The traders need to be on the ready for a breakout though and if and when that happens, we are likely to see more and more buyers join in.
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BTC Bulls Looking Determined
With more buyers joining in and the supply being limited, the only outcome of such an eventuality would be that the prices are likely to move up in a strong manner over the coming days, if and when the breakout happens. The bulls seem to be determined this time and the momentum has been gathered from the $10,000 region and in the absence of any major negative news, we would not be surprised if the bulls managed to stage a breakout in due course of time. It is also likely that the traders, who bought it at the higher levels, are looking to get out as soon as they get a chance and hence this is going to be a big battle between the bulls and the bears.
The ETH prices continue to flounder as they have been plagued by uncertainties over its future and how the network is going to be managed in the coming weeks and months. Hence, the market has not been able to generate the kind of momentum that was expected from it and we see that the prices continue to trade below the $900 region.
Looking ahead to the rest of the day, it would be interesting to see how the bulls are going to deal with the situation as the prices approach the $12000 region in BTC. It is likely that they are determined to push through this time and hence we might have a breakout in the short term. We expect the ETH prices to continue to flounder and struggle for the short term.