Bitcoin prices continued their recovery over the last 24 hours as all the selling that we had seen in the bitcoin markets just before Christmas seems to have vanished and now we are seeing the prices moving higher in a slow and steady manner. The prices have risen by 30% since the time we saw the lows in the market during the middle of last week but that is not much compared to the volatility and the pricesrises that we have seen in this market over the last few months. We expect the prices to continue their recovery over the next few days as well as we get towards the end of the year.
Suggested Articles
Prices Stop Short Near $16,000
The prices seem to have hit a pocket of selling near the $16,000 region and with the bitcoin futures bringing in the possibility of some strong selling happening, the market is no longer uni-dimensional as we can see some good two way action in this price region and we have been seeing the prices in a tight consolidation since the selling came in. It is likely that the bulls would continue to push higher but the speed of the price rise may not be as profound and fast as it used to be earlier.
The ETH market has also been able to feed off the bullishness in the BTC market and has since been rising higher as well. We are now seeing the prices trade in the $750 region over the last few hours and it is expected that the prices would continue to move higher in the short term. As always, we believe more in the fundamentals of ETH than BTC and expect it to do even better than what BTC did, ultimately.
Forecast
Looking ahead to the rest of the day, we do not have major fundamentals to rock the industry as yet and so expect some bullish consolidation to continue in the BTC and ETH markets over the next 24 hours.
Buy & Sell Cryptocurrency Instantly
This article was originally posted on FX Empire