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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $50,000 mark and has started to show some bullish momentum on the smaller timeframes. After facing a flash crash towards $42,000, BTC made some recovery and found support around the $47,800 region. Overall, Bitcoin is still looking bearish and further correction is also possible. Let’s take a look at the charts to see what we can expect from the crypto giant in the short term.
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Analyzing the Charts
If we take a look at the charts we can see that Bitcoin is currently trading above the $50,000 mark and is showing bullish momentum on the shorter timeframes. BTC was previously facing resistance around the $49,500 mark and has now broken above it.
It also seems like BTC is now facing some resistance at $51,200 and must break above it in the next few hours to gain more momentum.
We could also expect Bitcoin to consolidate here for a day before it retests the $52,000 mark. We can also see that the trendline support that Bitcoin broke below previously is around the $52,000 mark and we could retest it before further sell-off.
If Bitcoin faces strong rejection around this area we can expect further sell-off. The main support we will be watching in that scenario is the $44,200 mark.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is still recovering from the flash crash we experienced last week and is looking bearish in the short term. This might also not be the bottom for BTC and we could expect a further correction in the coming days. However, we are still bullish on Bitcoin in the long term and are not expecting a bear market currently. Right now, we would not be accumulating more BTC and will wait for it to show some more bullish signs.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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