Bitcoin Worth at Last Point of Defense: $8,270 Must Hang on

At the end of last month, Bitcoin (BTC) caught traders across the industry with their pants: in one day, the leading cryptocurrency reported a 42% drop, jaw drop, from $7,200 to $10,500 in historical movements. It has increased. In fact, that day marked the fourth largest Bitcoin daily movement … ever, and the biggest jump in percentage terms since 2011.

Despite this growth, the encryption market has continued to bleed. At the time of writing this, the price of BTC has reached $8,535, 1% or 2% more in the last 24 hours. Mild reiterated, with an analyst claiming that the BTC had reached its "last line of defense". It would have to captured or avoid a disaster.

Bitcoin Must Hold$ 8,300

The analyst CryptoDude recently pointed out that the Bitcoin chart shows that "it is undeniable that it is in the lead at the moment". Before adding that until the bulls achieve something spectacular, "it will become really serious". He then referred to the table saying yes $ 8,270. Which he called the "last line of defense", the pain is gone.
CryptoDude says the BTC is spreading for at least $8,000 in very dangerous territory, created by another popular trader, TraderX0. He explained in the tweet. Which was published on Saturday morning, that "a score below $8,300 would not be good". As they point out, $8,300 is a significant support level in a descending channel that aligns with the horizontal support.
While the BTC can receive a bounce off $8,300, the ball may be on Bear's court. Capo of Crypto recently noted that the 42% jump mentioned above, although accelerating even more in itself, is not a concrete indication that the downtrend has reached a critical point.
He commented that the $10,500 jump validates a series of lows and lows, still indicative of a downtrend. That's not all, the Guppy / Fishnet indicator is still printing gray bands. This means that Bitcoin's medium-term trend is not yet specified, and it can actually be a recession, not a strong one.