Bitcoin is still quite bearish in nature having smaller candles recently, explaining the low market participants in the market. Due to the recent break below $7,000 price area, it is getting harder for speculators to keep an optimistic view on further momentum of bitcoin. Most of the social media like Facebook and Twitter have already banned the advertisement regarding cryptocurrencies and most of the countries including India are also trying to withdraw all kinds of support for the crypto industry. As for the current scenario, the price is expected to proceed lower towards $5,500-5,800 price area before showing any bullish intervention in the market. The Bullish Regular Divergence is still operational in the market whereas a certain push from the key level will provide confluence for the upcoming bounce off the area with a target towards $7,500 price area.
