Bitcoin bearish pressure has been quite strong recently leading the price to reside below $11,000 currently after the recent bounce towards $12,000. The market speculated to settle down for the Korean Regulation issue as the price remains above $11,000. However, as the price is still moving lower, the bullish bias is likely to be negated. The investors and traders are still quite uncertain about the future of bitcoin but there is a certain segment of market participants who are optimistic about bitcoin prospects. As for the current scenario, price is expected to head towards $9,000 price area again but this time the pressure is quite impulsive which can lead to break below the price area leading to further bearish pressure in the cryptocurrency. As the price remains below $11,000 with a daily close, the bearish bias is expected to continue further.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Rocky Yaman,
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