Bitcoin has been quite impulsive during the bearish trend and sank below $8,500 from where the price is expected to proceed lower in the nearest days. The market found out positive comments on bitcoin from the Twitter and Square CEO who stated that bitcoin is going to be the only currency people will use. The positive statement made an impact on the most popular cryptocurrency, producing some bullish pressure today. However, the overall bearish bias is strong, so further bearish pressure is expected with certain corrections and retracement along the way. As for the current scenario, Bitcoin is expected to head lower towards $7,500 price area. Later if the bearish pressure persists, $5,500 would be next support for the price. But currently, certain corrections are expected before the price breaks below $7,500.
