It has been a rough past few days for Bitcoin (BTC) and the aggregated cryptocurrency market, with the benchmark crypto\u2019s ongoing downtrend leading most major altcoins to see capitulatory selloffs.<\/p>\n
This bout of significant downside is occurring against a backdrop of bearishness within the global markets, and BTC\u2019s confirmed status as a \u201crisk-on\u201d asset seems to suggest that it will continue seeing further downside until the global markets stabilize.<\/p>\n
In spite of this, analysts are noting that there is one simple indicator that seems to suggest that the cryptocurrency could be poised for further near-term upside.<\/p>\n
$7,700 has long been an important level for Bitcoin<\/a>, as this was where it faced some significant resistance in the early part of the year before flipping this into a strong support level.<\/p>\n It appears that bulls are once again stepping up to defend this level<\/a>, as this is where the cryptocurrency plummeted to this morning before finding some support that has allowed it to inch higher.<\/p>\n At the time of writing, Bitcoin is trading down just under 7% at its current price of $7,780, which marks a notable decline from daily highs of nearly $8,800.<\/p>\n In the near-term, George \u2013 a popular cryptocurrency analyst and trader on Twitter \u2013 explained in a recent tweet that he believes how BTC responds to its current price level will set the tone for where it trends next, with a break above $7,850 potentially allowing it recapture its position above $8,000.<\/p>\n \u201cBTC: LTF what I see. Smash above mid-range and we should be good for 8k’s. Sweep of those highs into grey and I will be fully out of longs and might flip short,\u201d he noted.<\/p><\/blockquote>\n $BTC<\/a><\/p>\n LTF what I see. Smash above mid-range and we should be good for 8k's. Sweep of those highs into grey and I will be fully out of longs and might flip short. pic.twitter.com\/IyiKoHThzH<\/a><\/p>\n — George (@George1Trader) March 9, 2020<\/a><\/p><\/blockquote>\n\n