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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the support at $40,600 and is looking quite bearish in the immediate short term. As mentioned in our previous analysis, the price did face strong rejection at $42,700 and failed to re-challenge the resistance. The $40,600 mark could be the bottom for BTC but if it falls below, things can turn very bearish. Let’s take a look at the latest Bitcoin charts to see the levels we will be watching in the immediate short term.
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Analyzing the Charts
If we take a look at the 1-hour charts we can see that Bitcoin has been moving within the range between $42,700 and $40,600 for the past few days now.
If the price keeps moving within this range it is a clear sign that Bitcoin is accumulating volume. However, if the price falls below this level, things will start looking bearish for BTC in the coming days.
If the support at $40,600 is lost to the next level, we will be eyeing the $39,500 mark for Bitcoin.
On the other hand, if we see the price bounce back from $40,600 it would be a good sign for Bitcoin. The price will form double-bottom on the charts and the resistance we will be watching, in that case, is the $43,800 mark.
However, this scenario is only confirmed when we see a nice bounce back from the support. If there is a buying pressure at $40,600 only then we will see this bounce.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still trading within a critical zone and could go either way in the immediate short term. It is crucial for Bitcoin to stay above the $40,000 mark and bottom out here. If the price falls below, further correction for Bitcoin will be on the cards. A bounce back from here could also start a major bullish rally for Bitcoin in the coming days. Right now we would not be trading BTC and will observe the price movement closely.
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