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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $40,900 mark and is struggling a little to sustain the bullish momentum. As speculated in our previous analysis, BTC did manage to have a bullish weekend and saw the price touch the $42,400-mark first time in several days. The resistance level to watch for BTC in the short term is also $42,400 as it rejected the price yesterday. In this price analysis, we will take a quick look at the 1-hour charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts, we can see not only the price has rejected the $42,400 mark but it has also failed to flip the $41,500 area into support. The $41,500 mark was the previous major resistance we were watching on the lower timeframes and BTC should get back above it to sustain the momentum.
We can also see that Bitcoin is forming higher-lows on the 1-hour lower timeframes. It means we are currently in an uptrend and will likely reclaim this level as support in the coming hours.
On the other hand, if the price does not break above the $41,500 mark and continues to struggle, the next major support we will be watching for BTC is the $40,200 mark.
The $40,200 mark is a strong support level and should hold nicely if BTC retests it in the coming hours.
Conclusion: The Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $40,900 mark and must get back above the $41,500 zone in the coming hours. Things are looking quite bullish for BTC since the last week, but it needs to continue the momentum to break the higher levels. Bitcoin needs to get above the $42,400 mark so it can challenge the major resistance at around $44,000 – $45,000 in the coming days.
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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