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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $42,000 mark and is struggling to break above the resistance at $42,400 once again. The price did manage to get above this level a few hours ago but was pushed down again in no time. Right now, we can see that there is some momentum with Bitcoin as it did bounce off the $40,700 mark. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we switch to the 1-hour timeframe we can see that the price successfully managed to break above the resistance at $42,400. However, we can also notice that it could not sustain the momentum and fell back below the level in no time.
The price is again trying to challenge this resistance and it would be interesting to see if BTC can overcome this level in the coming hours. The current support level we will be watching for Bitcoin is the $41,400 mark which was acting as support previously as well.
On the other hand, if we break above $42,400 the next resistance, we will be looking at in the immediate short term is the $43,400 region.
The $43,400 mark is where Bitcoin faced rejection just a few hours ago on the 1-hour timeframe. We can expect this level to act as our next resistance when we break above $42,400.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has not moved much in the past few weeks but it trying to push the price above slowly. We are still aiming for the $44,000 region for Bitcoin in the short term and it is likely to get there. However, we can also see the selling pressure around resistance zones so it would be interesting to see how price behaves 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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