Bitcoin has been quite indecisive and volatile recently around $8,500 price area from where the price is currently showing some impulsive bearish pressure today. Despite the recent G20 Meeting which made a positive impact on the crypto market, the bullish pressure in the Bitcoin could not sustain its momentum. Speculators still believe that the bulls are going to strike soon in the market and push the price higher towards $15,500 this year. According to the historical analysis, throughout its existance Bitcoin stuck firmly in the bearish market in the first quarter and somehow recovered in the second quarter. So, if the routine follows, we might see further bullish pressure in the market after a certain period of time. As for the current scenario, the price is expected to proceed lower towards $5,000 price area as the price remains below $8,500 with a daily close. The dynamic level of 20 EMA has also respected the price as strong resistance recently. Without any fundamentals, the Bitcoin market is expected to correct and consolidate in the coming days.
