What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $40,600 mark and is looking quite bearish in the immediate short term. The price has broken below the support at $41,700 and we can now expect further correction for BTC in the coming days. We have talked about the importance of the $41,700 level in our previous analyses, and why breaking above it is a bearish sign for Bitcoin. Let’s take a look at the latest Bitcoin charts to see where the price will find support next.
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Analyzing the Charts
On the 1-hour charts, we can see that Bitcoin has found some support around the $40,500 level. It is an area that BTC has held nicely in the past as well and we can expect the price to take a breather here.
Even though Bitcoin is holding this level nicely at the moment it is likely that we will break above it in the coming hours. The $41,700 mark was an important support level and breaking below it means that we are continuing the downtrend on the lower timeframes.
Once the price breaks below this level the next support, we would like BTC to hold is the $39,200 mark.
We can see that the $39,200 mark was previously acting as a strong resistance for Bitcoin and is likely to hold as support.
It is crucial for Bitcoin to hold this level as breaking below it can trigger another sell-off for Bitcoin. We are also approaching the weekend so it is likely that the price will drop to $39,200 in the coming hours.
Conclusion: Is Bitcoin (BTC) Looking Bearish?
BTC’s price has been dropping consistently since yesterday and things are looking quite bearish on the lower timeframe. The price has also broken below the $41,700 mark which is a level that bulls were trying to hold in the past. It is likely that we will see some more downside movement for Bitcoin in the near future. We will be watching the price movement from the sidelines and won’t be taking any actions at the moment.
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