Bitcoin had a daily close above the $4,000 resistance level yesterday; and after a break above the level ,the price has bounced off the $4,250 and currently is showing some bearish move towards the $4,000. The the bullish move was supported because ECB President Draghi showed positive interest in Bitcoin and the recently Morgan Stanley CEO stated that Bitcoin can be trusted. Though certain countries like Ukraine and Brazil are against the revolution of the digital currency as they believe that the digital currency is not a match for any real currency of a country. There is a certain rumor in the market that countries will shut down cryptocurrencies if this market becomes bigger; however, currently investors are not quite concerned by this rumor. Currently, the price is expected to reach $4,000 again to retest it as a support and then launch up higher towards $4,386.80 and later towards $4,500. As the price remains above the $4,000 level, the bullish bias is expected to continue further.
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