Yahoo Finance Bitcoin And Ethereum Daily Price Forecast – BTC & ETH Lose Weekend’s Positive Price Action
The crypto market has stabilized after the recent collapse to new multi-month lows, from the long-term point of view, the bearish sentiments are still dominating the market. Fundamentally, there are no new reasons for the sell-off; however, the market is driven by FUD phenomenon, which means traders pay little attention to what’s really going on in the industry. Meanwhile, institutional investors demonstrate the growing interest in digital money. Thus, Fidelity, the fourth largest asset manager in the world, is exploring possibilities of including altcoins in its custody services; while many cryptocurrency exchanges are expanding functionality for institutional customers, citing growing demand.
Bitcoin Shorts Have Reached All-Time High
The Bitcoin price (BTC/USD) has edged lower on Monday, failing to defend the $3,600 level it had recaptured over the weekend. The original cryptocurrency saw some positive price action over the weekend, especially on Sunday afternoon, when it rallied to a three-day high of $3,685.31 The coin eventually finished the session at $3,614.23, up from its opening level of $3,473.23. The weekend provided some respite for Bitcoin after the rough Friday session, which saw the digital currency hitting a new 2018 low of $3,280.23. However, the downtrend re-emerged during Monday’s morning session. Bitcoin saw another uptick in the early hours of today’s trading, but it wasn’t able to sustain a meaningful rally.
After rising to $3,647.33, the Bitcoin price has gone on the defensive and returned to sub-$3,600 levels. Bitcoin shorts have reached an all-time high as the leading cryptocurrency hits a 15-month low. Meanwhile, experts believe it’s just a bump in the long road ahead of Bitcoin and this is the right time to buy while the same is available at a significant discount. Ethereum dropped below to $80.00 towards the end of last week. A recovery, staged over the weekend stalled short of $100. The price is currently locked within a range with resistance at $100 and support around $80 handle. While ETH/USD managed to overcome the bearish trend line resistance, the selling pressure in the market caused momentum to fizzled out soon.
This article was originally posted on FX Empire
