The 7.9k barrier has been holding very well for us, I doubt we will go back down to 5k anytime soon, I even doubt we will reach 5k ever again. It looks like we have hit the rock bottom for us nowadays and we will definitely go up, I can't guarantee anything other than I have put all my money into bitcoin right now, that is as far as anyone can go for bitcoin.
$5,000 is way too deep from where we are right now, I strongly believe that (I hope Im not wrong). Around $7,000 probably is the bottom and youre right, were still doing fine at $7,900 from the last 48hrs. As you can see, a lot of hodlers and momentum trades thinks its good to accumulate more Bitcoin in this figure. So, most probably the $7,900 support level still holds tight.
It is interesting how each person sees the market differently, I do not see anything wrong with the price of bitcoin going back to 5000, it will be a great opportunity for many investors that did not took the opportunity to buy bitcoin for a price slightly above 3000 to buy it again at a reasonable price, some may argue that we are too close to the halving for that price to be reached, but those people are also forgetting that the price will not skyrocket immediately after the halving and that it will take a few months for the price to go up.
I can see investors are defending bitcoin at the 7900 dollars range but there is very little volume and when that small amount of volume goes down the price will go down with.
