Why will the outcome of this event be significant?
When uncertainty is high, the crypto market looks to Bitcoin as a bellwether and the winner of this battle may decide whether this month-long pullback was ultimately another 50% dip in Bitcoin’s upward trend or confirmation of a short-term bear market rally.
Should a breakdown occur, the next level of support should be the 850 , which Bitcoin bounced off from twice these past two weeks. Should the 850 fail, the next level of support would be the 1150 . The last time Bitcoin fell from the 850 to the 1150 was in late March 2017.