FX.co ★ BITCOIN Analysis for May 31, 2018

Bitcoin has been quite impulsive with the bullish gains today after certain indecision and bearish pressure recently. Though the bullish pressure is not quite as expected, the impulsive pressure was expected to push higher towards $8,000 sooner. The price of Bitcoin has been correcting itself below $8,000 for a few days now which indicates and explains the weakness of bears in the process. As for the recent rumors haunting the market participants, meanwhile big investors like George Soros is already active in the market.

As for the current scenario, the price is still quite ambitious to proceed higher towards $8,000 area. If broken, it will proceed much higher towards $10,000 in the future. The market has not been able to meet the impulsive expectation recently. As the price breaks above $8,000 with a daily close, it is expected to attract the impulsive buyers in the market again.