FX.co ★ BITCOIN Analysis for July 5, 2018

Bitcoin has been quite indecisive and volatile today, residing above $6,500 area with a daily close. Though the price is holding above the dynamic level of 20 EMA, Tenkan Sen is also acting as support to push the price higher. Nevertheless, the bearish bias still seems to dominate the market momentum nowadays. After the recent hacking activities, bullish intervention cannot sustain its momentum due to the lack of trust from market participants. As for the current scenario, despite the big money injected into the Crypto market, Bitcoin is still struggling for gains higher towards $8,000 area. Amid indecision among investors, as the price remains above $6,500 with a daily close, the bullish pressure is likely to push the price higher in the future.