BTC sees serious Long-Term trendline; Break Below can lead to big losses

Bitcoin (BTC) has continued to consolidate its short-term key support at around $8,000 and has been a stalemate for both bulls and bears, as it has fallen below its current price level in recent times. The decision-maker fails to gain momentum.

Analysts believe that Bitcoin is currently trading in a major trend line that could significantly affect its short-term price action, with a break below that could lead to further losses.

Bitcoin consolidates approximately $8,000 as Bulls and Bears Remain in Deadlock

At the time of writing, Bitcoin is trading with a slight drop to its current value of $8,150. Indicating a slight increase from its daily lows of $8,000 seen several times in the last 8 days.

Although this price level seems to be a strong support area for the cryptocurrency. Its slow downward grinding position reduces its advantage in the time it received during its meteor rally to $10,600, signaling the inherent weakness among cryptocurrency bulls.

Analysts believe that Bitcoin can still post a good recovery, as long as it is able to stay above its key short-term support levels. But they are also pointing out that A break below this level can spark a sharp sell-off.

Popular cryptocurrency analyst Crypto Dog on Twitter talked about this in a recent tweet.

A response to the parabolic trend can give an idea of ​​the future price action of BTC

An important fact is that Bitcoin is currently operating in its own parabolic trend. This could be a large-scale movement in the direction of whether BTC bulls or bears depend on their current battles.

Anderson, another popular cryptocurrency analyst on Twitter, talked about this in a recent tweet. He told his followers that hold above this trend line could cause an "explosive" movement, while a fall below. The BTC would wobble You can send much less.
In the coming hours and days, it will be decided how far the Bitcoin trend is for the coming weeks and months from 2019.