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A Quick Look at the Weekly Charts for Bitcoin (BTC)

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $38,500 mark and is looking quite bearish in the immediate short term. We saw Bitcoin move sideways for days above the $40,700 mark and has now finally broken below it. The $40,700 mark was a crucial support level that BTC has not lost since August 2021. Right now, BTC is in a critical zone and could fall further lower in the coming days. Let’s take a look at the latest charts to see where the price is headed in the coming days.

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Analyzing the Charts

If we take a look at the 1-week timeframe for Bitcoin, we can see plenty of indicators that show that Bitcoin is quite bearish. We can observe that the price has been trading below crucial trendline support for the past couple of weeks and could fall further.

Another sign that is not in BTC’s favor right now is that the price is trading below the 50-MA (moving average).

The 50-MA is critical support on the 1-week timeframe and breaking below it usually results in a bearish patch or market.

The 50-MA on the weekly timeframe has always supported the price in a bullish trend. In the majority of the occasions in the past whenever the price has broken below this level it has stayed there for months. The only exception was when the price broke below it in the March of 2020 and managed to get back above in 9 weeks.

However, we can also not ignore that Bitcoin has had the strongest bull run recently. Things have changed quite a lot and with so much institutional interest Bitcoin could manage to reclaim this support sooner as well.

Conclusion: The Final Verdict on Bitcoin (BTC)

 Bitcoin is trading in a critical territory and can drop further lower in the coming days. The price is now below $40,700 and the downtrend has strengthened. The likelihood of another sell-off is also high and Bitcoin can visit the lower $30K levels once again. Right now, we would not be placing any trades on Bitcoin until it stabilizes above a support level.

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