RATE Group | Bull Trend May End of Bitcoin Price Falls Under $7,800: Indicator Shows
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Bull Trend May End of Bitcoin Price Falls Under $7,800: Indicator Shows

05 Oct Bull Trend May End of Bitcoin Price Falls Under $7,800: Indicator Shows

Posted at 23:27h in Bitcoin News by

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Over the past few days, Bitcoin (BTC) has finally started to settle in a fixed price range, finding itself trading in the low-$8,000s. For now, the cryptocurrency seems directionless, stuck between resistances and supports above and below.

However, it is important to note that Bitcoin is edging very near to a key historical level, one that may reveal if BTC is in a macro bull or bear trend.

Related Reading: Crypto Tidbits: SEC Declares Bitcoin a Non-Security, Ethereum DeFi Gains Traction, PayPal Leaves Libra

Bitcoin At Key Price Level

A Twitter user going by “Spookey Dyme” recently drew attention to a key trend: throughout Bitcoin’s last bull market, it consistently closed above the one-week SuperTrend indicator’s baseline without fail.

What’s worrying is that after last week’s drop, Bitcoin has begun to near the indicator, which is currently at approximately $7,800. A weekly close under this level, according to historical precedence, could mark an end to the bull market.

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