FX.co ★ BITCOIN Analysis for June 4, 2018

Bitcoin has been quite impulsive with the bearish gains today which nearly diminished the bullish possibilities to reach $8,000 area in the coming days. Recently Bitcoin developer Willy Woo stated that Bitcoin is going to be one of the most valuable Cryptocurrencies in long-term but meanwhile the price may reach $5,000 area in the coming days. This statement at Consensus 2018 did change the sentiment of the market for Bitcoin which may lead to a certain downfall in the coming days. As of the current scenario, the price has rejected off the dynamic level of 20 EMA in the process which might lead to certain downfall and correction in the coming days. As the price remains below $8,000 area, a further bearish pressure is expected.