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Recently, Bitcoin has been quite bearish in nature due to cancellation of the initial coin offering in China. There are also rumors that China is going to ban the Bitcoin exchanges permanently in the country. China has been causing problem with the Cryptocurrencies whereas Bitcoin is affected the most. Moreover, JP Morgan CEO has also tagged Bitcoin as unreliable and fraud in his speech in the investors conference recently which has also played a vital role in the drastic fall of the demand for Bitcoin. Apart from China, more countries are now questioning the reliability of the Cryptocurrency market and most of the regulators are against accepting to be a proper financial instrument. Currently the price has continued the bearish impulsive fall after retesting the $3,917.20 - $4,000.00 resistance area and residing inside the Kumo Cloud. As for the current impulsive selling, the price is expected to head towards $2,617.60 - $2,867.30 support area very soon. As the price remains below the resistance area, the bearish bias is expected to continue further.
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