(FinancialPress) — Prices for the main cryptocurrencies are under pressure once more, as BTC prices sink towards $7,400.
The momentum enjoyed by bitcoin at the end of 2017 is nowhere to be found heading into Q2 2018. Despite finding certain stability in prices, the bear tendency is still prevalent. This could see the cryptocurrency drop even lower once more, reaching a bottom as low as $7,400. Bulls have not responded to the positive consolidation and ranging in crypto prices, thus increasing the risk of leaning towards the downside again.
Even with the current sense of stability, prices have not neared the $8,000 benchmark yet. This could make the trend lean towards the downside, which would make the next price target for bears $7,400. Adding to the pressure, tax season is closing in some of the biggest markets for cryptocurrency. With regulators having laid eyes on the market for the first time, and pushing for declarations of profit and taxes, uncertainty and confusion are to be expected. Both factors will certainly add to the pressure that prices are experiencing.
Ethereum has had a rough ride lately as well. Its prices have dropped in unison with the rest of the digital currency market‘s. Adding to that, uncertainty over the direction in which the ETH network is headed is another notable pressure factor for its prices.
There are no immediate factors of risk that could affect crypto prices in immediate sight, but expect the market to remain under heavy pressure from all angles as we head to the end of Q1 this month.