This is a critical place. I have been talking about how bitcoin needs to stay up so that altcoins can follow and if bitcoin stayed up long enough time than altcoins would follow and we would have a big rush of bull run. However it failed staying like that, I thought it stayed long enough but obviously I was wrong, now that its low it needs to get up and stay up a lot longer because people are afraid of the drops happening. Either bitcoin will go up to 8k or so levels once again and stay there for a while or we will see bitcoin dropping even further which will result us to get another rush of bear market and everyone panicking about the price and selling fast.
That's what I see too. It's a critical level but it doesn't have a strong reason to go below it, so we should stop posting nervous messages about ETF's and other assorted nonsense. A quick look at the speculation page will reveal how nervous everyone is about the price.
It's a tough time, yes. But it's not the end of the world. Bitcoin has a fundamental reason to be valuable and will continue to exist because of it's position. More tensions around the world will also make it more valuable as people want to avoid loss or devaluation.
8500 looks like the next major resistance. It'll probably stumble back up there shortly.