Bitcoin Showing Signs of Forming a Long-Term Bottom Despite Current Consolidation

Bitcoin has further extended its bout of consolidation as it continues trading sideways around the $8,200 level, which appears to be a key support level that BTC’s bulls need to defend in order for the crypto to move higher in the near-term.
Analysts are noting that Bitcoin is currently forming what could be a long-term bottom, but this possibility will only be validated if the crypto is able to post an upwards movement from its recent lows.
Bitcoin Consolidates at $8,200 as Bulls Struggle