As usual, there has not been much happening in the BTC markets over the last 24 hours as the moves have been getting slower and lower over the last few days. The BTC prices seem to be locked in a tight range around the $6400 region and this has been the case for the last 1 week or so. It is expected to continue in the short term as we do not expect any major fundamental or economic changes to affect the cryptocurrency market for now. It is likely that the altcoins begin to feel the pinch of lack of interest and volatility in the crypto markets and the traders in those markets are likely to begin dumping the coins and this could add to the bearishness in the market.
BTC Prices Still Slow
There has not been much news around except that one of the co-founders of a large exchange in India, Unocoin, has been arrested for running the country’s first BTC ATM in one of the malls in Bangalore in India. This is a continuation of the crackdown of the authorities in India against the cryptos though the details of the case are yet to emerge at this point of time. Apart from this news, the market has been slow and as we have been saying over the last many weeks, the market and the prices seem to have become immune to such developments which is also another reason for the low volatility.
The ETH prices continue to trade in a low and slow manner over the last 24 hours but it appears as though the traders and the investors are beginning to lose interest in the proceedings as far as the ETH market is concerned. The action has been pretty slow in those markets, even by the standards of the crypto industry and we are seeing that the ranging has been just continuing in a tight manner.
Looking ahead to the rest of the day, we do not have any major fundamental changes expected out of the markets for now. So, the consolidation and the ranging is expected to continue over the next 24 hours and the time for the day traders and the range traders also seems to be getting lesser as they are unlikely to make much headway in such type of price action.