BITCOIN Analysis for February 2, 2018

The bearish pressure on bitcoin has been quite unstoppable and impulsive, so BTC is expected to decline deeper to $7,500 before showing any bullish intervention along the way. The support area of $9,200 was pretty strong to hold the price but it failed miserably as the price is currently residing below $8,500 price area. Currently, the decrease in bitcoin's value seems to be based on the market sentiment rather than any external fundamental forces. After the South Korean issue, India has also declared illegality of crypto trading which supported the bears to take the price much lower. The crypto industry is still going under some regulation pressure from various countries which resulted to less liquidity and a drastic fall in price. As for the current scenario, the price is expected to reach $7,500 price area. Then, the price is likely to bounce higher towards $10,000 and later towards $12,000. As the price remains above $7,500 price area with a daily close, the bullish bounce off the level is expected for the time being.

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