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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below $44,000 and has been moving sideways for the past few hours. As mentioned in our previous price analysis, the $44,200 level is a strong resistance area, and BTC needs to break above it to shift the momentum.
Currently, Bitcoin is coming up to retest this level again and must close a few 1-hour candles above it to become bullish.
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Analyzing the Charts
Bitcoin is currently trying to break above $44,200 on the shorter timeframes but is struggling due to a lack of volume. If we do manage to break above this resistance, the next target we will be looking at is $47,200.
On the other hand, if we reject this level once again, we could see a major sell-off towards the downside. If that happens, the immediate support we will need to hold is around the $41,800 mark.
In this scenario, we could also come to retest the $40,000 region as rejecting the $44,000 level could push the bulls back.
We can also see that the trading volume is declining consistently, which is never a good sign. If the volume does not flow, it will be challenging for Bitcoin to break above $42,200.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is showing some bullish momentum as it is consistently trying to break above the resistance at $44K. However, we will still not be trading Bitcoin in the short term as it is in dangerous territory at the moment. If Bitcoin does break above $44,200 convincingly in the next day or so, only then will we be interested in longing it.
Margin Trading for Beginners
If you are interested in trading Bitcoin with leverage, you can go through our Margin Trading Guide to get familiar with this concept. You can also check our list of best crypto exchanges to choose the platform that best suits your needs.
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