In an earlier technical analysis post I discussed the importance of Bitcoin holding over the $8000 mark. Unfortunately my worst fears have come true, with Bitcoin crumbling under selling pressure and so far failing to stage a significant comeback.
As of this post the current price is 7568, just as I predicted if the bears took control once again. I don't yet believe The overall market is bearish, but short the tend seems negative. Upside potential is back to $8000 again which would be quite the relief, Downside is at $7200 where the price should hold up and stabilize.
I know everyone was getting excited about the recent gains we've had and believing that $10000 wasn't far off. Unfortunately a run from $6000 to $8000 in only a few weeks typically doesn't happen without a pullback. I still remain cautiously optimistic.
Disclaimer: (This is only my opinion and is not meant to be taken as investment advise. You are responsible for your own money).