Bitcoin (BTC) has surrendered the majority of the upwards momentum that it incurred earlier this week and is now sitting at a key support level that bulls must hold if they want to propel the crypto any further in the near-term.<\/p>\n
It is important to note that the muted response to this support level may signal that significantly further losses are imminent, but other analysts are noting that BTC may once again target the $8,500 region in the near-term, with a break above this level potentially sparking another rally.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down over 1% at its current price<\/a> of $8,270, which marks a notable retrace from its recent highs of roughly $8,500 that were set during the recent rally that was started when the crypto plummeted to lows of $7,800.<\/p>\n Bitcoin\u2019s inability to extend its upwards momentum after this fleeting surge may point to an underlying weakness, and it may incur significantly further losses in the near-term if bulls are unable to support the cryptocurrency above its current price, which appears to have become an imperative support level.<\/p>\n Luke Martin, a popular cryptocurrency analyst on Twitter, spoke about this support level in a recent tweet, eluding to the possibility that a break below it will spark another downtrend.<\/p>\n \u201c$BTC bulls want to see price staying above this 8200 support zone,\u201d Martin explained.<\/p><\/blockquote>\n $BTC<\/a> bulls want to see price staying above this 8200 support zone. pic.twitter.com\/CYjlFReSbL<\/a><\/p>\n — Luke Martin (@VentureCoinist) October 2, 2019<\/a><\/p><\/blockquote>\n\n