Bitcoin's price just broke under its 200 day moving average and broke under the established trend in 2017. Buy interest at 7500-8k was very minimal and sellers are still in control of this market. Price will likely find buyers at 5k, but I'm not sure if it will be enough to turn the tide. A lot of the hype behind crypto has settled down in the last 6 weeks and the buying enthusiasm just isn't there anymore. We could remain in a full blown crypto bear market for several months.
This an older trend- channel that price had respected before the run-up in 2017