January 25, 2020 Real Estate Publication

Bitcoin Price at Last Line of Defense: $8,270 Must Hold

Late last month, Bitcoin (BTC) caught traders across the industry with their pants down: in a day’s time, the leading cryptocurrency had pumped by 42%, surging from $7,200 to $10,500 in a jaw-dropping, historical move higher. In fact, that day marked Bitcoin’s fourth-largest daily move… ever, and the largest price jump by percentage since 2011.Related Reading: Is Bitcoin’s Long-Term Price Uptrend Intact? Research Firm Says SoDespite this surge higher, the crypto market has continued to bleed out. As of the time of writing this, the price of BTC has reached $8,535, trading a mere 1% or 2% up in the past 24 hours. Mild reprieve aside, an analyst has asserted that BTC has reached its “last line of defense,” which must hold, or disaster will ensue.Ouch.Bitcoin Price Must Hold $8,300Analyst CryptoDude recently noted that Bitcoin’s chart shows that “bears absolutely undeniably have the upper-hand right now,” before adding that unless bulls pull something spectacular, “it will get really grim.” He then referenced the chart below, stating that if $8,270, which he dubbed the “last line of defense,” is lost, pain could follow.$BTC looks horrendous. Absolutely undeniable that bears have the upper-hand right now. Bulls must pull off something spectacular at 8270 or it’s going to get really grim.My hopes are slim to none. This is the last line of defense. pic.twitter.com/yPfSTH7cFe— CryptoDude (@cryptodude999) November 16, 2019CryptoDude’s assertion that BTC is treading on very dangerous territory in the low-$8,000s is similar to that made by another popular trader, TraderX0. He pointed out in the tweet below, which was published on Saturday morning, that a close “below $8,300s won’t be good.” As he points out, $8,300 is a key support level in a descending channel that aligns with horizontal support.$BTCClose below 83s wont be good pic.twitter.com/xjA5r8v3Sj— TraderX0 (@TraderX0X0) November 16, 2019While BTC could bounce off $8,300, the ball may be in the court of bears. Capo of Crypto recently noted that the aforementioned 42% jump, while bullish in and of itself, wasn’t a convincing sign that the bear trend has come to a head.Related Reading: Crypto Tidbits: RBC May Embrace Bitcoin, China Bashes Cryptocurrency, Ethereum DeFi BoomingHe remarked that the jump to $10,500 validates a series of lower highs and lower lows, indicating a still-bearish trend. That’s not all, the Guppy/Fishnet Indicator is still printing gray bands, implying that the medium-term trend of Bitcoin is still undecided, and may actually be leaning bearish, not bullish.One of the first things that I look at in order to see if the trend has changed, it is highs and lows.If we don’t have a new series of higher highs and higher lows, trend would remain the same (bearish)So bullas, that 3k candle is NOT a trend reversal (by the moment)#BTC pic.twitter.com/kzHCkUrgUU— il Capo Of Crypto (@CryptoCapo_) November 12, 2019Featured Image from Shutterstock

Related Posts

How Payswap Can Confuse Blockchain Analysts, Benefiting Bitcoin Privacy for All

January 23, 2020

January 23, 2020

Although Satoshi Nakamoto’s white paper suggests that privacy was a design goal of the Bitcoin protocol, blockchain analysis can often...

2019 Saw Most Exchange Attacks Ever, With Hackers Becoming More Savvy

January 22, 2020

January 22, 2020

As cryptocurrency exchanges beef up their security to defend themselves against cyberattacks, hackers are responding in kind by amping up...

Video: Reviewing the Billfodl Multishard

January 17, 2020

January 17, 2020

Bitcoin Magazine reviewed the Billfodl Multishard, a two-of-three stainless steel recovery seed storage device that allows you to split your...

Review: HTC Exodus 1s, the Full Bitcoin Node Smartphone

January 17, 2020

January 17, 2020

When it launched during The Lightning Conference in October 2019, HTC’s Exodus 1s smartphone took on the ambitious mission of...

The Kindest Cut: Why the 2020 Bitcoin Halvening Is the Most Important Yet

January 16, 2020

January 16, 2020

In May of 2020, bitcoin will see its next halving: the reduction of the reward for successfully mining a block....

Remembering Tamás Blummer, Pioneering Bitcoin Developer

January 15, 2020

January 15, 2020

Tamás Blummer, a Bitcoin developer since 2012 and founder of several groundbreaking Bitcoin-focused projects, reportedly passed away on January 12,...

Bitcoin Researcher Drums Up Academic Interest in Erlay Protocol

January 15, 2020

January 15, 2020

In November 2019, Gleb Naumenko, co-author of the Erlay protocol and Bitcoin researcher at Chaincode Labs, came to London to...

Do CoinJoins Really Require Equal Transaction Amounts for Privacy? Part One: CashFusion

January 13, 2020

January 13, 2020

Although Satoshi Nakamoto’s white paper suggests that privacy was a design goal of the Bitcoin protocol, blockchain analysis can often...

Wasabi Wallet Launches #BitcoinIsSafe Campaign to Counter Erroneous Antivirus Detections

January 13, 2020

January 13, 2020

Recently, Wasabi Wallet users have reported multiple instances in which antivirus programs identify both Wasabi and the newly integrated Bitcoin...

On the Coast of El Salvador, Bitcoin Is Becoming the Standard

January 13, 2020

January 13, 2020

When Michael Peterson made a semi-permanent move to El Salvador, the California native’s motive was simple and, well, fittingly expected:...

Want to Learn About Bitcoin? Try Conference-Driven Development

January 10, 2020

January 10, 2020

Continuing our series on how to learn about Bitcoin and its more technical aspects, in this article, we will focus...

River Financial Wants to Be the Bitcoiner’s Charles Schwab

January 2, 2020

January 2, 2020

Ever since he read the Denationalization of Money by Friedrich Hayek in college, Alex Leishman, the co-founder and CEO of...

Hashing Ahead: A Look at Bitcoin Mining in 2020

December 30, 2019

December 30, 2019

The December 2019 report on the Bitcoin mining network from CoinShares Research, a division of the digital asset management firm,...

Op Ed: Pitching Bitcoin During the Holidays

December 24, 2019

December 24, 2019

It’s that time of year again! When you can’t decide whether to get a pumpkin spice or eggnog-flavored latte, and...

Op Ed: Tendencies and Opportunities of Bitcoin Taxation in the EU

December 19, 2019

December 19, 2019

In the U.S., the IRS is progressively clarifying the ambiguity persisting on the taxation of cryptocurrencies, as illustrated by the...