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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $41,400 mark and is looking a little bearish in the immediate short term. The price has dropped below the support we were previously watching around the $42,800 mark and is now heading towards the lower levels. BTC was facing strong resistance around the $44,800 mark and we did speculate it to visit the lower levels in our previous analyses. Let’s take a look at the latest Bitcoin charts now to see where the price could head in the coming hours.
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Analyzing the Charts
If we take a look at the 1-hour timeframe we can see that the price has broken below the $42,800 mark and is now moving in a downtrend. The new support we will be watching for BTC now is around the $40,700 mark.
The $40,700 mark is a crucial region that has acted as both support and resistance in the past. There is a chance that the buyers will step in around this level and we will see the price retest the $44,800 mark once again.
On the other hand, if the price doesn’t hold this level in the coming hours then the next support area, we will be watching is the $39,700 mark.
We are approaching the weekend so it would not be surprising if Bitcoin does not bounce back from here.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin has been consolidating above $40,000 for the past few days and has not made any big moves. Things have looked quite nice for Bitcoin from the past week, and we are expecting it to continue the uptrend in the short term. However, we are also at the end of the week and there is a chance that the price will drop further before bouncing back.
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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