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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading below the $47,000 mark and is looking quite bearish in the short term. The support we were previously watching for Bitcoin was the $47,500 mark. BTC only held this level for a few hours and now the selling pressure is again increasing. Now Bitcoin is headed towards an important region where it bottomed out early. Let’s take a look at the latest Bitcoin charts to see where this level lies.
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Analyzing the Bitcoin Charts
If we take a look at the 4-hour charts, we can see that Bitcoin has experienced an aggressive sell-off in the past few days. After facing strong rejection around $51,600 BTC’s price has fallen over $4,000.
As Bitcoin has fallen below $47,500 now, the next region we will be watching for it is quite a crucial one. It is the region around $45,600, an area where Bitcoin bottomed not a long while ago.
If Bitcoin fails to hold this level we could expect an extended sell-off towards the $44,000 mark. The $44,000 mark has acted as a strong support level for Bitcoin in the past and if we see a sell-off that’s where the price would breathe.
However, it is crucial for Bitcoin to stay above the mentioned critical region. If the price falls below it Bitcoin will start looking bearish in the mid-term as well.
Conclusion: Is Bitcoin (BTC) Bearish?
Bitcoin is looking quite bearish at the moment as it has been steadily moving towards the downside. BTC is headed towards a crucial price level in the coming hours. It would be interesting to see how the price reacts. In the short term, we would not be placing any trades on Bitcoin and will wait for the price to consolidate.
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