The BTC prices rebounded during the second half of the day after receiving a battering over the past couple of days. As we had mentioned in our forecast yesterday, there has been no specific reason for the sell off and again, there has not been anything specific for the recovery to happen as well. But the moves have run in parallel with the moves in the stock markets. The stocks crashed for a couple of days and then they managed to recover a bit yesterday and the same price action was seen in the crypto markets as well. The BTC prices crashed towards the support region at around $6000 during the course of the day but they managed to recover and now trades in the $7500 region as of this writing.
BTC Prices Close above $7000
There have been continuing reports about the blockade of exchanges in China with the latest reports saying that even the foreign crypto exchanges have been blocked in China in what is seen a total crackdown on crypto in China. This has been a great turnaround in their policy over the past 6 months or so and from being one of the biggest markets for crypto trading, they have basically run it down to zero over the past few months. We do not expect this to have any major impact on the BTC prices as most of the trading in China was blocked in any case.
The ETH prices also suffered from the sell off in the crypto markets yesterday as we saw the prices drop to the $600 region for a brief while before they rebounded during the second half of the day and now trade in the $750 region as of this writing. The ETH prices are expected to consolidate with a bearish bias but we continue to believe in the bullishness of the ETH prices.
Looking ahead to the rest of the day, we do not have any major fundamentals in this industry for today and hence we can safely expect some consolidation of the gains in both the BTC and the ETH markets over the next few hours with a bearish bias.
This article was originally posted on FX Empire
Source : https://finance.yahoo.com/news/bitcoin-ethereum-price-forecast-bitcoin-050902052.html