The theme of the Bitcoin ETF seems to be the main player in the markets over the last few weeks as the question of whether the SEC would or wont continues to dominate the markets. On the face of it, the SEC seems to be quite reluctant to approve any of the ETFs at this point of time and seems bent on delaying the approvals as much as possible and we are also unable to understand the obsession of the markets over the ETFs. Of course, the approval of the ETFs could convince many large investors to enter into the markets and would also encourage the large funds to trade them in due course of time and would bring in maturity into the market. But whether that would be enough to drive the prices in the short term remains to be seen.
BTC Market Remains Strong
But the market believes so and yesterday, after a brief period of correction towards the $6400 region, we have now seen the BTC prices move higher over the last 24 hours and the prices trade comfortable above the $6500 region as of this writing. It looks as though the buoyancy is likely to continue to exist in the markets over the next few days and with us approaching the weekend and a period of low liquidity, we should see the prices challenging the $6600 region once again.
The ETH prices have also been buoyant over the last couple of days are so and they seem to be moving in sync with the rest of the crypto market, after having lost touch with it over the last week. There have been some solid and fundamental developments to the network in the last few weeks and the effect of that can be seen only now. Now that the ETH market is back in sync with the rest of the market, we should see the prices continue to be buoyant in the short term.
Looking ahead to the rest of the day, we expect the prices to continue to be buoyant and move higher as we head into the weekend. This could lead to some low liquidity which could be used by some of the larger traders to drive the markets here and there but we believe that the market is preparing itself for another test of the $6600 region in BTC.
This article was originally posted on FX Empire
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