Bitcoin Bounces Back to $8K from Historically Strong Price Support

View Bitcoin has again bounced up from the 100-week moving average - a level which has acted as strong support in the previous two weeks and during the early stages of the previous bull market.

The case for a bounce would weaken if prices find acceptance below the support level, currently at $7,753.

Bitcoin has again defended historically strong price support near $7,700, keeping the hopes of a corrective rally alive.

All is not lost for the bulls, as the widely-tracked 100-week moving average support has held ground.

BTC almost tested the key technical line at $7,753 in the Asian trading hours before rising back above $8,000 around 12:20 UTC. Notably, the long-term MA has been acting as strong support since the last week of September.

Bitcoin picked up a bid at lows near $200 in August 2015 and found acceptance above the 100-week MA in December.

The cryptocurrency then faced buyer exhaustion above $460 and fell back to the 100-week MA support in the week ended Jan. 17, 2016.

The support level, then located at $367, was defended in the following three weeks, after which BTC never looked back and went on to hit a record high of $20,000 by December 2017.

BTC bottomed out in the first quarter and rose to a high of $13,880 at the end of June before falling back to the 100-week MA. More importantly, the latest defense of the 100-week MA comes seven months ahead of the next reward halving, scheduled for May 2020.

If history repeats itself, BTC could chart a solid bounce from the 100-week MA support over the next few weeks.