What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $41,500 mark and has been struggling to gain bullish momentum on the weekly timeframe. BTC did form a couple of healthy green candles on the 1-week timeframe, but it was also followed by three red candles recently. It pushed the price down from the $48,000 region to the $38,000 region and right now BTC is trading just around the $40K region forming a fresh green candle. However, there are still more than 4 and a half days left and another red candle here could be an extremely bearish sign for Bitcoin. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the coming weeks.
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Analyzing the Charts
If we take a look at the 1-week charts for Bitcoin we can see that the price is still trading within the channel it’s been respecting since January 2021. Right now, the price is at the bottom of the channel and should bounce back once again to continue the trend.
This is a critical territory and BTC needs to hold this support at all costs. If we see Bitcoin close a weekly candle below this channel things could get extremely bearish.
This channel also indicates that Bitcoin is forming a higher low which is always a good sign for the price action.
Also, if take a look at the Fibonacci numbers from swing low to swing high, we can see that the price faced rejection 0.618 level and dropped below the 0.786 mark. BTC is currently trying to get above the 0.786 mark if it closes the candle above this level a retest of 0.618 is likely.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently sitting on a crucial support level and could go either way in the coming weeks. It is crucial for BTC to hold the bottom of this channel as breaking below it could trigger a major sell-off. If the price bounces successfully from here we will see it as a nice chance to accumulate more Bitcoin.
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