- Over the last few weeks, the bitcoin market has been constantly flooded with high-volume, high-spread moves to the downside. There have been a few impulsive, bullish rallies but nothing that has been sustained and nothing that is showing signs of supply absorption.
- At the time of this video, the market is testing a very important level for the fourth time and, if we fail to close above the $8,080 level, would likely mean we will be visiting the mid-$7,700s.
- However, if we manage to close a daily level above $8,080, we will have to reassess our market view. But, for now, the market is looking mid-term bearish and we will have to see how it handles a potential retest of the $7,700s.
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