After hitting the $9000 level a few days ago, the price of Bitcoin rapidly started to retrace, and has now plunged back below $8000. Some traders are suggesting that this could be the end of BTC's impressive rally of the last few weeks.
At time of writing, BTC is hovering around the $8000 level. The price fell by over $700 in less than 2 hours, dropping to the $7700 level, before bouncing back towards the current range where it appears to be consolidating.
BTCUSD chart by TradingView
Few crypto traders are claiming that the rally is definitely over, although a significant retracement has been on the cards for a while. This latest movement was predicted by many analysts, with most suggesting that the surge towards $9k was a bull trap, likely set by whales. User @ArminvanBitcoin called the $7700 level as an important resistance, and claims that the altcoin market will be a key indicator to what will happen to BTC next.
Bulltrap. May rally to ~$8700 then we go lower. Possibly $7700. Pay attention to how #altcoins are behaving. If they rally faster than #bitcoin, we are due for a correction which washes out illiquid money into $BTC and sets it up for the next real pump. PS: Don't trade.pic.twitter.com/69Y461Z6yG
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... just pay attention to alts. That's it. If alts pump harder than 
There's that $7700 bounce. Let's see how this reverses. Pay attention to alts as $BTC goes up.
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@CryptOrca and others have pointed out the $8.2k-$8.3k level as an important one for Bitcoin price action. It has been suggested that if BTC can close above this price, then another test of higher resistances may be on the way. If not, then a fall back towards the $7000 level could be the next move.
$BTC Bulls need to push back and close above $8203
This is a nasty candle on the daily chart
Closing below $8200 will likely lead to continual downward price action in the high $7ks for now
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$BTC - Daily close Bearish
Bitcoin continues to push down quite agressively and would like to see a move above $7824 and hold
Eyeing that previous CME futures gap that wasn't explored at $7175
If Bulls don't step in, I believe price is heading that way
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