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BITCOIN Analysis for January 31, 2018

Bitcoin has been struggling to keep up with gains whereas the bears are more impulsive than the bulls. This kind of bearish momentum is expected to be a result of recent gloomy news, published about bitcoin and the cryptocurrency market. Facebook has banned all kinds of ICO advertisements as Facebook thinks most of the ICOs are scam and created to cheat people. This kind of news was also a great blow for the cryptocurrencies market as well as the flagship bitcoin. Amid a lack of positive reports on bitcoin and the cryptocurrencies market, price is expected to face a challenge to hold above $10,000 price area within the range of $12,000. Nevertheless, some investors are still optimistic about a break above $12,000 which is expected to lead to $15,500 price area once again in the future. As the price remains above $10,000 with a daily close, the bullish bias is expected to continue further.


The material has been provided by InstaForex Company -