BTC/USD market update February 2nd 2018

Bitcoin has rallied high on a 9 month move from less range of $900 as at March 2017 to as high as $19,000 in the second week of December 2017 and then began to head south where many analyst predicted the price to drop to $8000 or lower which is now happening.

Bitcoin has been trading in the range of $8000 to $9000 in the last 24hrs as a factor of so much news of fear, uncertainty and doubt (FUD) of the future of bitcoin regulation and ban all thanks to the FUDster news in circulation. Also coupled with the issue of scalability and high transaction cost as high as $30 per transaction contributed to the decline in price.

Presently, the bears are still in control of the market in anticipation of the return of the bulls. The market is still trading in low volume with traders believing price could still go lower below $7000
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