That failure on the part of the bulls means the cryptocurrency needs a major move above $8,300 soon to lessen the risks of another sell-off. The trendline resistance is around $8,285 currently.
However, soon before press time, BTC was closing in on that target level and changing hands at $8,226 on Bitfinex (up 1.4 percent on a 24-hour basis). So, the next few hours are likely to determine the pattern going forward.
The price action witnessed in the last few days also indicates the cryptocurrency has found acceptance above the $8,000 mark, with repeated rebounds from sub-$8,000 levels highlighting a strong dip mentality in the market. So, it is safe to say, the bias remains bullish.
That said, a convincing break above the long-term falling trendline must happen soon to keep the bulls in the game.
It is worth noting that BTC failed to clear that key hurdle on April 17 and another rejection could prove costly for the bulls, the four-hour chart below indicates…