All hands on deck, the Bitcoin (BTC) price is approaching a key level.<\/p>\n
On Sunday, the cryptocurrency market began to trend lower, with bulls failing to step in to facilitate a strong weekly close. While Bitcoin has remained relatively steady, it is currently trading decisively under the key $8,000 support level, changing hands for $7,850 on most exchanges.<\/p>\n
This move brings BTC to a mere two or three percentage points above $7,700. Here’s why this is important.<\/p>\n
When Bitcoin precipitously fell off the $10,000 cliff when Bakkt launched on September 23rd, the bearish price action stopped at one level: $7,700.<\/p>\n
This is for good reason. As industry investor and analyst Crypto Neko recently pointed out, $7,700 acts as local historical support \u2014 Bitcoin bottomed at that level during the run-up earlier this year.<\/p>\n
https:\/\/twitter.com\/CryptoNekoZ\/status\/06311683<\/p>\n
That’s not all. Per previous reports from NewsBTC<\/a>, the one-week SuperTrend indicator’s baseline \u2014 a level which BTC never closed under during 2017’s bull run \u2014 sits at $7,800.<\/p>\n And, there exists a confluence of integral support levels around the high-$7,000s. These include but aren\u2019t limited to the 200-day moving average; the 365-day exponential moving average, a level that Bitcoin bounced straight off of during mid-2017; the 50-week exponential moving average, among other levels that many say are indicative of Bitcoin\u2019s medium-term trends.<\/p>\n Considering the historical and technical importance of $7,700 \u2014 or at least the confluence of moving averages and trend lines currently sitting at this price point \u2014 a strong move lower from here could mark the start of an even greater, drawn-out correction, one that analysts have proposed may last until Q1 of 2020.<\/p>\n At the very least, analysts have said that the loss of $7,700 could lead to a rapid drop to the low-$6,000s \u2014 where it is believed that Bitcoin’s next key historical support level lies.<\/p>\n This may leave you wondering \u2014 can bulls save the cryptocurrency market from falling off an even steeper cliff?<\/p>\n According to a number of analysts, maybe not. Brave New Coin’s Josh Olsezwicz recently noted<\/a> that Bitcoin is only 20% from the one-day Kijun line of the Ichimoku Cloud, which is still far away from the historical reversal point of 35% to 60% off the Kijun.<\/p>\n 1D $BTC<\/a><\/p>\n price 20% off from the kijun here<\/p>\n 35-60% off has been the historical reversal point<\/p>\n 6.5k is 35% from kijun pic.twitter.com\/cf1ThB4sZ9<\/a><\/p>\n — #333kByJuly2025 (@CarpeNoctom) October 6, 2019<\/a><\/p><\/blockquote>\nRelated Reading: Institutions Long on Bitcoin as Analysts Expect Upward Price Breakout<\/a><\/h6>\n
Can Bulls Save Crypto?<\/strong><\/h2>\n
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