Despite the fact that Bitcoin (BTC) has just shed $150 in under an hour, breaking under the $8,000 support level yet again, many are still bullish on the cryptocurrency. The fact of the matter is, BTC closed its weekly candle strong (no losses/no gains), leading many to claim that this market is decidedly bullish and that Friday’s Bitstamp flash crash to $6,100 from $7,800 isn’t much of an issue. In fact, as BlockTower Capital’s Ari Paul wrote in a tweet, “I was in a room with 30 crypto people and no one batted an eye. Strong underlying confidence. I actually thought my phone app might be broken for a second when the tone in the room didn’t change.”
Popular analyst The Crypto Dog notes that BTC closing at $8,100 is a “hell of a bullish” sign, looking to the fact that the volumes, which he calls “near record-breaking”, confirm that the ongoing foray higher is strong and valid. The recent close marks the 16th or 17th week in a row that cryptocurrencies weren’t subject to a massive sell-off, which were a rather common sight in the latter half of 2018.