There was a bit of action in the bitcoin markets over the weekend but since the weekend liquidity and volatility generally tends to be low, it has to be taken with a pinch of salt. On the other hand, we still await what is going to happen due to the fork in the bitcoin market that is scheduled to happen on August 1 and still, as far as the prices are concerned, there does not seem to be much panic around.
Bitcoin Markets Havent Shown Much Reaction Yet
Many of the exchanges have also ensured that they do their bit in controlling the panic by restricting the buying and selling during the period, to protect themselves and also the clients. We have also seen them put out a large amount of educational material on what this fork means and how it could impact the markets and how it is important for the clients not to panic and just try and stick through this period to ensure that the market has full stability during this period.
The Ethereum market also does not seem to have been affected too much by all these news floating around and we are seeing the prices consolidate and range between the $190 and $210 mark over the last couple of days or so, something which we had mentioned would happen, in our forecasts. We expect this consolidation to continue for the next few days as well as the markets await next direction.
Forecast
Looking ahead to the rest of the day, we do not foresee any major changes in the volatility or the liquidity in the bitcoin or ethereum markets and so, we can safely expect some consolidation and ranging between the $2400 and $2700 regions in the bitcoin market and between the $190 and $210 regions for ethereum in the upcoming day. Tomorrow is likely to be a key day in the bitcoin market and if that passes off peacefully, then we are likely to see some kind of a relief rally in the markets.
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