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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $42,800 mark and is looking a little bearish on the lower timeframes. As mentioned in our previous analyses, the resistance we were watching for BTC was around the $45,500 region. The price has now rejected this resistance level twice and Bitcoin is currently having a correction. Let’s take a look at the latest Bitcoin charts to see where the price stands at the moment and what to expect next.
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Analyzing the Charts
The first thing we can notice after taking a look at the 1-hour charts for Bitcoin is that the price is struggling to break above the $45,500 region. BTC has challenged this level twice in the past few days and experienced a sell-off on both occasions.
The last time Bitcoin faced rejection around this level it found support at the $42,800 mark. Right now the price seems to be bouncing off this level again and it would be interesting to see if the buyers can hold this line.
On the other hand, if the price fails to hold this level, then we can have a further correction for Bitcoin over the weekend. In that scenario, the first level we would expect Bitcoin to hold is the $41,700 region.
It is an area that previously acted as resistance, and we can now expect it to act as support. It is also the region where we saw the volume flow the last time.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading just above the support at $42,800 and we can expect it to go sideways during the weekend. We are still bullish on Bitcoin in the short term and are expecting it to touch the $46,000 mark in the coming days. Breaking above $46,000 convincingly could also mean that Bitcoin has reversed the trend and is in a bullish market again.
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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