According to technical analysis, the firm bull market that Bitcoin has found itself caught within throughout January and February has officially come to a close, as the benchmark crypto has now declined below a critical support level that was an integral part of its bullish market structure.<\/p>\n
One well-respected crypto-focused economist is now noting that the crypto\u2019s break below this level is likely to lead it significantly lower before it is able to find significant support.<\/p>\n
On the flipside, if bulls want to rekindle the dying bull trend, it is imperative that they recapture BTC\u2019s position<\/a> above $8,500, although this may prove to be an arduous task as its technical strength degrades.<\/p>\n At the time of writing, Bitcoin<\/a> is trading down over 3% at its current price<\/a> of $7,600, which marks a notable decline from daily highs of $8,150 that were set yesterday when bulls attempted to catalyze some upwards momentum.<\/p>\n This attempt failed, however, subsequently leading BTC to plummet below its key support at $7,700, which has appeared to invalidate its firm 2020 uptrend and has opened the gates for it to see significantly further downside.<\/p>\n Alex Kr\u00fcger, an economist who focuses primarily on cryptocurrency, spoke about this break down in a recent tweet, telling his followers that it marked a firm end to the recent 2020 uptrend.<\/p>\n \u201cTechnically, below 7700 the BTC 2020 bull trend is over. The next levels are the 7400-7200 area, 6800 and 6400. Above 8500 it’s back to bullish territory. That said, I think this time and for the first time the macro is more important than BTC’s technicals,\u201d he noted.<\/p><\/blockquote>\n Technically, below 7700 the $BTC<\/a> 2020 bull trend is over. The next levels are the 7400-7200 area, 6800 and 6400. Above 8500 it's back to bullish territory. That said, I think this time and for the first time the macro is more important than BTC's technicals. pic.twitter.com\/0UYLq8JLKd<\/a><\/p>\n — Alex Kr\u00fcger (@krugermacro) March 11, 2020<\/a><\/p><\/blockquote>\nBitcoin Just Broke a Critical Level, Invalidating Its Bull Trend<\/strong><\/h2>\n
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