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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $44,800 mark and is looking quite bearish on the lower timeframes. As speculated in our previous analysis, the price broke below the support at $46,700 and a sell-off was triggered. The $46,700 was the support that was holding nicely for Bitcoin for the past three days and this was on the cards as the price was struggling to break above the $48,100 mark. Let’s take a quick look at the latest Bitcoin charts to spot the levels we will be eyeing for Bitcoin next in the short term.
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Analyzing the Charts
If we take a look at the latest charts for Bitcoin, we can see that the price is currently trying to hold the $44,600 mark. We can also notice that the price broke below the crucial support for a while but managed to regain it in less than two hours.
As long as the price is trading comfortably above this level, we are quite bullish on Bitcoin in the short term. A nice bounce back from here, and we would also be interested in accumulating more BTC at this stage.
However, we are also approaching the weekend and a drop in trading volume could push the price lower. If Bitcoin loses this level in the coming days, the next area we will be watching is the $43,100 mark.
We are still expecting BTC to hover above $44,600 over the weekend as a bounce is highly likely.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just above a crucial support level and must hold it to sustain the bullish momentum. A drop to $44,600 was always on the cards as we mentioned several times in our previous analyses. Now we will wait and see how the price responds to this level and will be interested in placing a long trade on Bitcoin if it sustains this level over the weekend.
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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