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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $41,700 region and is looking a little bearish in the short term. BTC did face strong rejection at the $45,500 mark and has been dropping ever since. As speculated in our previous price analysis, BTC did break below the $42,800 mark also and is now retesting the $41,700 region. Let’s have a quick look at the latest Bitcoin charts to see where the price is headed in the short term.
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Analyzing the Charts
If we take a look at the 4-hour charts for Bitcoin, we can clearly see that Bitcoin is facing current selling pressure due to heavy rejection at $45,500. The price is now headed back to the $41,500 region where we saw the volume flow last time.
Bitcoin must hold this support zone in the coming hours as breaking below this zone could trigger another sell-off.
On the other hand, we can also see that the price is forming a falling wedge on the 4-hour charts, which is a bullish sign.
If this structure does play out we will see Bitcoin rally once again. The breakout target we would be eyeing for this breakout is the $44,200 region.
However, if this structure does play out, we can expect Bitcoin to challenge the $45,500 zone once again.
Conclusion: What to Expect from Bitcoin (BTC)?
Bitcoin is still trading in a downtrend on the bigger timeframes and needs to pick up some bullish momentum now. If the price holds the $41,500 zone nicely we can expect Bitcoin to target $46,000. The $46,000 mark is a crucial level for BTC and breaking above it could mean that a reversal is on the cards for the crypto giant.
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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