Bitcoin Price at Last Line of Defense: $8,270 Must Hold

Late last month, Bitcoin (BTC) caught traders across the industry with their pants down: in a day’s time, the leading cryptocurrency had pumped by 42%, surging from $7,200 to $10,500 in a jaw-dropping, historical move higher. In fact, that day marked Bitcoin’s fourth-largest daily move… ever, and the largest price jump by percentage since 2011.

Related Reading: Is Bitcoin’s Long-Term Price Uptrend Intact? Research Firm Says So

Despite this surge higher, the crypto market has continued to bleed out. As of the time of writing this, the price of BTC has reached $8,535, trading a mere 1% or 2% up in the past 24 hours. Mild reprieve aside, an analyst has asserted that BTC has reached its “last line of defense,” which must hold, or disaster will ensue.

Ouch.

Bitcoin Price Must Hold $8,300

Analyst CryptoDude recently noted that Bitcoin’s chart shows that “bears absolutely undeniably have the upper-hand right now,” before adding that unless bulls pull something spectacular,…