Advertisement
U.S. markets closed
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow 30

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Russell 2000

    2,124.55
    +10.20 (+0.48%)
     
  • Crude Oil

    83.04
    +1.69 (+2.08%)
     
  • Gold

    2,241.90
    +29.20 (+1.32%)
     
  • Silver

    24.98
    +0.22 (+0.90%)
     
  • EUR/USD

    1.0791
    -0.0039 (-0.36%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • GBP/USD

    1.2624
    -0.0014 (-0.11%)
     
  • USD/JPY

    151.3760
    +0.1300 (+0.09%)
     
  • Bitcoin USD

    70,771.70
    +1,815.55 (+2.63%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Nikkei 225

    40,168.07
    -594.66 (-1.46%)
     

Bitcoin and Ethereum Price Forecast – In Tight Consolidation Phase

The bitcoin prices are trading in one of the tightest ranges that we have been in this instrument over the last few months. This is one of the indications on how confused the traders and the investors are, at this point of time. It is indeed a time when the bitcoin industry is at the crossroads with the crackdown on the industry from one of its biggest supports which China has been over the last couple of years. After the ICO and the exchange ban, now there is talk that China might go ahead and ban the mining of bitcoins as well. Considering the fact that 65% of the hashpower for the mining comes from China, it will be a huge blow for the bitcoin industry, atleast in the medium term.

Get Into Bitcoin Trading Today

Bitcoin Prices In Range

Also, this could also provide a blueprint for other countries to follow China in its footsteps and attack the bitcoin industry in a similar manner but all of this is speculation at this point of time. But what could this also do is that it could help the bitcoin industry to expand into other countries as the difficulty levels for mining drop and it becomes more viable to mine bitcoins in other countries and by new miners as well. The situation is as yet fluid and that is reflected in the prices of the bitcoin which has been trading within a tight $200 range over the last 24 hours.

Bitcoin 4H
Bitcoin 4H

The Ethereum market has also been caught in a tight range since yesterday as it trades between $280 and $300. Though much of the efforts from the Chinese regulators have been against the bitcoin industry, it is likely to affect the crypto industry as a whole and that is why we are seeing the ETH prices also reeling under the effect. The ban on ICOs has a direct effect on the ETH prices and that is why we are seeing that the bulls are finding it difficult to push the prices through $300.

Forecast

Looking ahead to the rest of the day, with the lack of a breakout or a fall yesterday, we continue to look forward to a breakout in either direction through the tight range that the prices have been, in both the ETH and the BTC markets as well.

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

This article was originally posted on FX Empire

More From FXEMPIRE:

Advertisement