The BTC prices have been very volatile during the weekend as the situation begins to get tense for the bulls who are clearly on the backfoot over this period. The region around $6600 served to be a resistance once again and we have seen the prices fall below the $600 region over the weekend. But what should encourage the bulls for the short term is the fact that the prices have since managed to rebound pretty quickly over the last few hours and it is now back above the $6000 region as of this writing. This shows the amount if buying that is available in the $5800 region which should now serve as strong support for the short term
BTC Prices Fall Below $6000 Briefly
It has indeed been tough times for the BTC bulls as the prices continue to fall despite the growing size and depth of the market. The incoming regulations and the larger investors seem to have had a negative impact on the prices so far though we continue to believe that this would be the case for the short term and that in the medium term, this would only add value to the market and push the prices higher in a slow and steady manner. But it is important for the weaker traders to hold on and it remains to be seen how long they would be able to do so as the prices continue to remain weak and continue to fall during the short term.
The ETH prices have also taken a hit and have pushed below the $500 region and now trade below the $450 region as of this writing. It remains to be seen whether the prices would recover in the short term and it would be advisable for those on the sidelines to continue to be so as they watch the prices settle down and then jump into the trades.
Looking ahead to the rest of the day, we are going to see the traders return back to action after the weekend and it should be interesting to see what the majority of the traders think about the weekend weakness. It is going to be some volatile trading during the day which can go either way.
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