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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $43,500 mark and is now looking bearish on the lower timeframes. The price was moving within a consolidation zone for almost a week now and has finally broken below it. The crucial support level we were watching for BTC here was the $44,600 mark. It is an important level that acted as strong resistance in the past and Bitcoin is trading below it once again. If Bitcoin fails to regain this level in the coming hours, we can expect further correction for Bitcoin in the short term. Let’s take a look at the latest price charts to identify the new level we need to watch for BTC right now.
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Analyzing the Charts
On the 1-hour timeframe, we can see that Bitcoin is now trading below the $44,600 mark and is currently holding the support at $43,100.
The $43,100 mark is another level that has acted as both resistance and support in the past few weeks and Bitcoin could go sideways before falling further. There is also the possibility that the price will bounce back from here and Bitcoin will regain the $44,600 level as support.
However, if the price breaks below this level we are likely to see a further correction, and the next support we will be watching for BTC is around the $42,000 mark.
If the price continues to move within the downtrend, the bullishness we saw for BTC over the past week could also prove to be a bull trap.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading below $44,600 and is looking bearish on the lower timeframes. As mentioned in our previous analyses, $44,600 was the region BTC needed to hold. The price has now fallen below it and the downtrend could continue in the coming days or even weeks. We will have to see how the price reacts in the next few days and will be placing our trades accordingly.
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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