BITCOIN Analysis for February 1, 2018

Bitcoin has broken below the $10,000 price area with a daily close. BTC is expected to push much lower towards $7,500 area in the coming days. The pressure of the bears in the market seems very consistent that is speculated as an effect of the introduction of bitcoin futures recently. As BTC is trading under pressure amid dismal news like Bans on Promotion in Facebook and recent regulation issues, market participants seemed to have lost faith in Bitcoin that is leading to less liquidity in the market due to Investment Diversification. As for the current scenario, the price is residing inside the support zone between $9,200 and $10,000 which is more likely to be broken below in the coming days. A daily close below $9,200 will lead the price much lower towards $7,500 price area in the future.

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