Source: Forex Analysis
Bitcoin has been quite indecisive after the break below the $6,500 price area with a daily close, where the bullish bias is still trying to push the price higher in the future. The pressing question is which way Bitcoin is heading next. Though the price has been expected to push higher after breaking above $6,500 recently, but the bearish bias leading the price below the area did confuse the market sentiment for a bit now. Though big investors are still holding it, but the effect cannot be observed in the market. As of the current scenario, the price is residing above the $6,000 area after having certain bearish rejection with yesterday’s daily candle for which the price is expected to push higher towards the $6,500 area and later towards the $8,000 area as it remains above $6,000 with a daily close.
The material has been provided by InstaForex Company – www.instaforex.com