BITCOIN Analysis for May 30, 2018

Bitcoin has been impulsive with the bullish gains yesterday which engulfed the previous day bearish pressure with ease. The recent bearish pressure in Bitcoin which led the price to reside below $8,000 is viewed as the impact of the investigation of the US Department of Justice for which certain market participants left the market. Though the investigation is still going on as the DOJ is still searching for transaction practices and if there is any crime related to it. Despite recent bad fundamentals, more investors like Boerse, owner of Frankfurt Stock Exchange, is looking forward to offer crypto currency investment products. Such positive fundamental is expected to attract more investors and market participants to the market.

As for the current scenario, the price is expected to push higher towards $8,000 area in the coming days but with certain corrections and volatility. It is not going to be straight path towards $8,000 but as the price moves higher, certain obligation and barriers is expected to remove itself along the way.


The material has been provided by InstaForex Company -