The BTC market continued to consolidate and range over the last 24 hours with no specific direction during this period. It appears as though the impact of the issuance of additional tether has been pretty much limited and this should serve as a disappointment for the bulls and for those who would have expected a much larger move and basically a reversal. That seems quite far off at this point of time and we believe that even if it were to have an effect, it would take some time for that to happen and maybe the bulls can expect that impact to happen in the medium term. It is not that the 250 million USDT that has been issued, and presumably backed by an equivalent fiat, would find its way into the markets within a day or two.
BTC Prices In Range
It is likely that it would happen over the next few months and if all the above assumptions are true, then we should see the prices moving up in a slow and steady manner over the coming months. This is what seems to be driving the markets at this point of time and preventing it from falling further. The BTC prices are trading just above the $6100 region as of this writing and we believe that this should be the case for the rest of the month as well.
The ETH prices have also been under some slight pressure over this period and it the prices have been trading below the $450 region as of this writing and it is widely expected that the ETH market would follow the rest of the crypto market as far as the trend is concerned and hence likely to consolidate and range.
As specified above, for the rest of the day, we believe that the crypto market is going to range and consolidate and we do not expect any major action in these markets at this point of time. Of course, the pressure is to the downside but the prices have been holding up so far and hence the bulls need to be careful.
This article was originally posted on FX Empire