Bitcoin prices pushed through to another all time highs on the charts as the bulls seem to be in quite a hurry to push the prices higher and gain maximum returns before the futures are launched at the CME and the CBOE. When the bitcoin market began its current leg of the bullish run from the $11,000 region, we had said that the prices would be targeting the $15,000 region by the end of the month but we are already in the $14,000 region and the $15,000 price region should be attainable by the end of this week.
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Bitcoin Prices Size up $15,000
Then comes the little uncertainty regarding the impact of the launch of bitcoin futures at the CME on the bitcoin market and prices. Traders and investors believe that it would lead to more of 2 way trading than the one sided trading that we are seeing in the bitcoin market at this point of time but all this is a matter of conjecture. At the end of the day, the introduction may not have any major impact on the prices and the prices may continue to move higher as more and more traders are drawn into the bitcoin craze and other markets begin to lose their sheen. Also, with us approaching the end of the year, the liquidity in the other markets begin to lessen and this could also be a factor in many of the traders moving from the other markets to the bitcoin period atleast until the end of the year, after which the liquidity would pick up.
The Ethereum market has managed to hold on to the $430 region but a trip back to the broken resistance in the $410 region is on the cards and would not be a surprise if and when it happens. The ETH market is no longer in focus and the network has also been facing a lot of issues over the last few days as the launch of a new ICO revolving around virtual kittens has clogged the network and made the transfers difficult and delayed as well.
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Looking ahead to the rest of the day, it would not be a surprise to see the BTC prices continue on their bullish run for the day and may even threaten the $15,000 psychological resistance in a day or two. The ETH market is expected to be a bystander as all the traders and investors flock to the BTC market.
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This article was originally posted on FX Empire