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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently going through a minor correction and is trading above the support at $39,500. The last couple of days have been bullish for Bitcoin as we have seen it retest the $42,300 target twice. The $42,300 level is crucial, and a break above it could also be an indication of our bull run’s resumption.
The $39,500 level is crucial for Bitcoin, and it could go both ways from here on. We will have to wait and see how the price plays out in the next few hours.
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Where is Bitcoin (BTC) Headed in the Short-term?
If we take a look at the 1-hr charts, we can see that Bitcoin is looking bearish in the short term. We can observe that the price was moving within a rising channel and has just broken below it. This is an indication that we might see a deeper correction from BTC.
Once we retest the channel from the bottom, we are likely to drop towards our next support region ($36,400). We could also drop further if this price movement triggers a sell-off.
On the other hand, we could also observe that the price is still within the $39,500 – $40,600 region and is holding the support well. The $39,500 mark is an important horizontal level, and we could also see a bounce towards the upside from here.
We are likely to break the resistance at $42,300 if we bounce from here. The next target from here would be the $44,500 region.
However, if we break below this region, we would be headed towards the $36,400 level once again.
Conclusion: Is Bitcoin Bullish?
Bitcoin is still looking bullish in the long-term, but the price is looking indecisive on the shorter timeframes. Right now, we would not be interested in trading Bitcoin and will see how the next few hours play out. Once we have our confirmations, only then will we be interested in trading it.
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