Bitcoin has been quite stable with the gains above $7500 price area which is expected to proceed towards $10,000 price area. The price is currently residing above $8000 price area and have a good probability to continue its bullish bias for the coming days. The stable gain on the Bitcoin is speculated as calming down of the regulatory situation in the Cryptocurrency market where no more bad news is being expected to hit soon. After the recent issue from South Korea, Regulators of Abu Dhabi is currently considering Crypto market to be a part of the financial market with certain regulations which helped Bitcoin and other Cryptocurrencies perform better with the gains. As of the current scenario, the bullish impulsive price action has engulfed the recent bearish pressure which is an indication of upcoming bullish momentum in Bitcoin. As the price remains above $7500 price area, the bullish bias is expected to continue further.
The material has been provided by InstaForex Company – www.instaforex.com