BITCOIN Analysis for February 22, 2018

Bitcoin is currently residing at the edge of the $10,000 price area from where the price is expected to proceed much lower in the coming days. The price has been residing at the zero point recently after bouncing off near the $12,000 price area from where the impulsive bearish pressure took place. The fall of bitcoin is linked to the lack of fundamental news in the cryptocurrency market a nd this might push the price much lower in the coming days. The market is low on liquidity; and because of the doubts over its security, bitcoin has been struggling to maintain its gains. As of the current scenario, a daily close below $10,000 is projected to push the price much lower towards $7,500 in the future. Though the price is still struggling to break below the level, a daily close above $10,000 is anticipated to push the price higher towards $12,000 again.

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