Bitcoin market has taken another strong downturn recently, leading the price to reside below $3,500 area quite impulsively. Bitcoin pushed downwards around 11% on the daily chart which was expected to push towards $4,000 and above recently as per recent fluctuations at the $3,500 support area. The market sentiment is currently quite bearish with Bitcoin. The digital currency is expected to pullback higher for a certain period and then sink lower towards $3,000 support area in the coming days. Last year at this day, Bitcoin surged higher quite impulsively to record highs that was also predicted to happen this year by certain speculators. However, the current formation in the chart suggests that the price might drop much lower in the short run. As the price remains below $4,000 area with a daily close, the impulsive bearish pressure is expected to continue.

SUPPORT: 2,850, 3,000, 3,250

RESISTANCE: 3,500, 4,000

BIAS: BEARISH

MOMENTUM: IMPULSIVE and SLIGHTLY VOLATILE