After the impulsive crash of Bitcoin recently, the cryptocurrency is coming back to its original form of climbing up higher to create new higher highs. Though the initial coin offering cancellation news was a big shock for the Bitcoin, currently authorities are trying to fix things up by creating a control over the Bitcoin and overall cryptocurrency market. Basically, the Asian countries like China and India are quite negative about accepting the Bitcoin as a form of exchange whereas recently the Central Bank of India has issued warning regarding the Bitcoin. As Bitcoin is being criticized by the world's biggest banks and financial institutions, the growth is expected to be slower in comparison to August bullish impulsive move but the steady gain is very much expected in the process.
Recently the price has bounced off the Kumo Cloud and currently residing at the edge of breaking above the $4,000 resistance level. If the price breaks above the $4,000 resistance level with a daily close, then the price is expected to progress towards $4,386.80 resistance level in the coming days and later towards $4,500.00. The bearish pressure can be still felt in the market but as the price remains above the support area of $2,617.60-2,867.30 and strong Kumo Cloud, the bullish bias is expected to continue further.
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