FX.co ★ BITCOIN Analysis for June 7, 2018

Bitcoin correction is still going on in the current market situation, whereas the recent bullish momentum is currently turning quite weak periodically. Despite having no negative fundamentals recently, a certain correction is expected to be an indefinite pressure of market participants in the market. Currently the price is being held by the dynamic level of 20 EMA below the $8,000 price area. Though the price has been quite corrective with its structure but proceeding lower highs is an indication of upcoming bullish momentum in bitcoin. A daily close above $8,000 will inject further bullish pressure with a target towards $10,000 in the future.