Traders in the Asian region remain extremely optimistic about Bitcoin and Ethereum, even though both assets have failed to post gains. According to data from Coinglass, the number of long positions is greater than the number of shorts for both assets. Unfortunately, Bitcoin and Ethereum are in a concerning position currently; both assets are leading the drop in the market capitalization of the entire sector.
Bitcoin has managed to maintain a price higher than $8,000, and analysts suggest that the asset could reach $25,000 or $30,000 in the near future. Moreover, some investors are of the opinion that Bitcoin is currently undervalued and might post gains in the future, if the asset holds its positions. Ethereum, on the other hand, has not posted any significant gain, but it has managed to stay above its previous support level of $190.
The situation has not been favorable for most of the digital assets over the past few weeks. This is due to the US debt ceiling crisis and other political and economic uncertainties. Despite this, traders in the Asian region remain bullish on Bitcoin and Ethereum.
