Bitcoin Price: Bulls Defend ‘Make It Break It’ Support Level at $8,000

Tony "The Bull" Severino

Last Updated: November 19, 2019 4:34 pm

3 mins read

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This morning, Bitcoin price made another push to the low $8,000 range but was unable to penetrate below the former resistance turned support and set a new local low.

Are bulls in the clear, or will bears once again regain control and push the price of the first-ever cryptocurrency further into a downtrend, putting any remaining gains from the entire 2019 rally at risk?

Bitcoin Price Fails to Break Below $8,000 After String of Red

Yesterday, Bitcoin price broke below $8,500 and before 24 hours was up, another $500 was erased from the value of the leading cryptocurrency by market cap.

Bears were able to keep the selling momentum going, taking Bitcoin price back down to the low $8,000 range. Bulls, however, were able to defend the critical support area, protecting the crypto market from further drawdown.

The first-ever cryptocurrency is currently at an important junction, and one that may define the days ahead as the asset approaches its pre-defined halving – an event where the supply of BTC miners receive is cut in half, which can have a dramatic effect on supply and demand, and therefore price.

$8,000 is an important zone of support, which broke down back in October to a local low of $7,300. There, bulls took over and caused a short squeeze of epic proportions, causing a cascade of FOMO, stops being hit, and shorts covering – driving up the price of Bitcoin to as high as $10,500 before falling once again.

The powerful move from $7,300 was the crypto asset’s third-largest single-day performance in its short history, and the zone is likely being protected by bulls who filled long bids in that area.

$8,000 Is a Make It Or Break It Support Level for BTC

$8,000 is a critical support level that must hold, or a dramatic drop similar to what was seen back in November 2018 may be possible. Miner-related metrics suggest the primary market drivers could be close to capitulation – something that the last time around caused a 50% drop in Bitcoin.

A strong move below $8,000 would further cause long traders who bid in the low $7,000 range to close out, and stops below that area would act as rocket fuel, driving the price of Bitcoin down quickly.

Crypto investors who bought in on the way up during the early 2019 rally may be inclined to start selling at the last bit of profit. The domino effect could lead to brutal distribution, taking Bitcoin price to new local lows, or potentially to a new bear market low.

However, if bulls can hold $8,000 once again, and cause another powerful surge above current levels, it could be the final nail in the coffin for bears hoping to buy Bitcoin cheaper, as the resulting FOMO could potentially cause Bitcoin to set a new high, and continue on its next bull run.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.