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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $37,000 mark and is looking bearish in the immediate short term. The resistance level we were watching for Bitcoin previously was the $37,600 mark which it did manage to break above on Friday. However, the price failed to hold the crucial line once again and dropped below it after going sideways over the weekend. Let’s take a look at the latest Bitcoin charts to see where things are headed in the immediate short term.
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Analyzing the Charts
If we take a look at the 1-hour charts we can clearly see that Bitcoin was unable to gain any sort of momentum once it broke above $37,600. The price started to move in the sideways direction and as the volume flew in today it dropped quickly.
We can also see that the price has found some support $36,800 and is going sideways for the past few hours. The main support level we are watching here is the $35,700 mark which has been keeping the price in check for over a week now. If the volume does not flow in at this level, we could be headed lower in the coming days.
The $35,700 level has been tested multiple times and there is a good chance we will break below it on the next retest. If this scenario plays out the next level we will be watching is at $34,400. It is the region where we last saw volume flow. A bounce back from here is also on the cards.
Conclusion: The Final Verdict on Bitcoin
We can clearly see that Bitcoin is struggling to get above the $37,600 mark. Whenever the price breaks above it on the 1-hour charts it loses momentum and falls below after a while. It indicates that the sellers are currently dominating the market and there is not much buying pressure out there. That is why we would not be placing any short-term trades on Bitcoin at the moment.
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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