BITCOIN Analysis for January 17, 2018

Bitcoin is currently trading below $10,000 price area which is the lowest point of retracement it has done since the explosive impulsive meteoric rise to $19,000 earlier. In this case, it is not only bitcoin to blame but the whole cryptocurrencies market seems to be the victim of Market Crash effect. A kind of panic and insecurity is being observed in the market of digital currencies for which the price is speculated to have such a downward move recently. As for the recent developments, bitcoin has been weighed down by a looming clampdown on Bitcoin Exchange and South Korean regulation pressure that triggered a sudden downfall in the price which has been unstoppable for a last few days. As for the current scenario, price is expected to head towards $8,000 support area in the coming days before it shows any evidence of intervention of the bulls in the market. This has been the fastest and deepest drawdown in the bitcoin history since its inception. At present, investors are expressing fears over such a rapid slump.

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