FX.co ★ BITCOIN Analysis for February 7, 2018

The recent bounce off the $6,000 price area leads to certain bullish pressure in Bitcoin which is expected to push higher in the coming days. The recovery was not quite impulsive as expected after the bounce but due to having no specific reason for the recent bearish pressure speculators forecasted strong bullish momentum. China issue has again struck the Bitcoin market whereas the exchanges are getting closed and for the reason, the bullish pressure is expected to be short-term in the current market situation. As of the current market scenario, the price is residing above $8000 price area which is expected to proceed towards $10,000 price area from where a break above will hint about further bullish pressure and rejection off the $10,000 price area would a strong indication of the continuation of the bearish trend in the process. As the price remains below $10,000 price area, the bearish bias is expected to continue further.