After falling by over 8% from the local top at $8,460, Bitcoin (BTC) has started to mount a comeback over the past few hours. The cryptocurrency, since hitting prices just under $7,700 earlier today, is now trading around $8,100, seemingly trying to retake the key $8,000 support region, which has been of historical relevance.

(This surge comes shortly after Elon Musk — yes, the Elon Musk that runs SpaceX and Tesla and also co-founded PayPal and a bajillion other companies — mentioned Bitcoin on Twitter. More information on that can be found at this link. We’re not saying this is correlated, but it is somewhat eerie.)

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While this move is recent, what are analysts thinking of this latest move in the BTC price? Do they expect it to have a wider effect on the crypto market’s trajectory?

What’s Next for Bitcoin After Move Back to $8,000

While not an entirely explosive move higher, the bounce from the $7,700 region is notable. Prominent cryptocurrency trader Josh Rager that Bitcoin “bounced and closed at support,” as marked on his chart. This means that the “price doesn’t look bad [as it] held where it needed [to],” before adding that the recent close sets the stage for a tight Bitcoin range to form between $7,700 and $8,400, which could be a precursor to an explosion high ahead of Bitcoin’s May 2020 block reward reduction. //twitter.com/Josh_Rager/status/59096065 Prominent Bitcoin trader Storm noted that according to a key trend indicator on the four-hour BTC chart, bulls remain in control (as of 20 hours ago), adding that he thinks it’s thus worth buying the cryptocurrency between $7,700 to $7,900 to factor in the potential upside. See more

Very nice 4H trend change on the accATR, definitely worth picking up spot 7700-7900 — storm (@stormXBT)

It appears that a number of key indicators remain bullish as well, seemingly signifying that the recent 8% drop was a to-be-expected correction after a dramatic surge higher.

Price Needs to Retake $7,870 on Weekly Basis

Sure, the daily outlook for Bitcoin is starting to look positive again. Though, prominent trader HornHairs has noted that the cryptocurrency will need to close above $7,870 on Sunday (the weekly candle close), or else he will expect a dramatic ~25% move down to $6,000, for that close would confirm that BTC was trading in a clear macro bull trap. See more

We got the breakout, which was a good start, but as the weekly chart stands, it looks like a bull trap. If we close below $7870 on Sunday, my expectations will be a move down to $6k. Very important next few days. Nothing conclusive until Sunday. — HornHairs 🌊 (@CryptoHornHairs)

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