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BTC Prices Below $11,000
This is the reason why the action has slowed down in the BTC markets over the last couple of months and this is likely to continue to be so. With us approaching the end of the month, we are also seeing flows and expiries associated with month end and this is also likely to bring in a lot of action in the market and along with it, we are also seeing a lot of choppiness as well. This is likely to last for the short term as the market and the traders search for direction. We can expect the $10,000 region to act as good support for the short and medium term with the $12,000 region capping the prices for now, as was seen over the weekend.
The ETH markets have also corrected lower over the past couple of days but the correction in these markets are lesser as compared to the BTC markets and that is why we have been able to see the ETH bulls being able to hold on to some of the gains that they have made over the weekend, atleast so far. Once the period of correction and consolidation is over, we should see the prices rise again in the short and medium term.
Looking ahead to the rest of the day, we do not have any major fundamentals to affect the prices for now. With the Asian session, which holds a large say in the trading volumes and prices, also almost out of the way, we should see the prices stabilise for the rest of the day.