Bitcoin’s closing candle came in below $8,200 yesterday, which is a crucial level for maintaining support and remaining bullish in the short term. For the second time in a week another big dump has occurred resulting in another lower low. With most of yesterday hovering around $8,550, BTC price fell through support and plunged 7 percent back to $8k.
Traders and analysts have eyed the $8,200 level as crucial for further bullish momentum. Any close below this today would likely result in a drop back to support in the mid $7,000s. Full time trader Josh Rager has noted that the huge volume spike could initiate a quick retest of resistance before things go south again;