Bitcoin Visits Critical Long-Term Trendline; Break Below Could Lead to Massive Losses

As reported by NewsBTC, “Bitcoin (BTC) has continued to consolidate around its key near-term support at $8,000 and both its bulls and bears have remained deadlocked as it fails to gain any decisive momentum in the time since its recent drop down to its current price levels.

“Analysts are now noting that Bitcoin is currently trading at a key trendline that could significantly influence its near-term price action, with a break below it potentially leading to further losses.

“At the time of writing, Bitcoin is trading down marginally at its current price of $8,150, which marks a slight climb from its daily lows of $8,000 that have been visited on multiple occasions over the past several days.

“Although this price level does appear to be a strong support region for the cryptocurrency, its slow grind downwards that has ensued in the time since it lost the upwards momentum that was gained during its meteoric rally to $10,600 may point to an underlying weakness amongst the cryptocurrency’s bulls.

“Analysts are noting that Bitcoin may still be able to post a decent rally so long as it is able to hold above its key near-term support level, but they are also noting that a break below this level could spark a sharp sell-off…”