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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $38,000 mark and has not made any big moves in the past few days. As mentioned in our previous analysis, Bitcoin faced massive rejection at the $39,600 mark and ended up losing the support at $38,000. However, the price is once again trading above the $38,000 level on the 1-hour timeframe, and it would be interesting to see how long it will stay there. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the 1-hour charts for Bitcoin, we can see that the price did fall below $38,000 after facing rejection at the $39,600.
The level that held the price as immediate support after rejection was the $37,400 region. It is an area that has held the price up in the recent past as well and helped BTC to get above $38,000 once again.
Right now, Bitcoin is in the same consolidation zone it has been respecting for the past few days and it would be interesting to see whether it will challenge the $39,600 mark once again or not.
The price seems to be spiking at the moment, but the volume is still dropping. If Bitcoin challenged the $39,600 once again with this volume another rejection is likely. Also, falling below $38,000 once again will likely push the price towards $36,500.
Conclusion: Is Bitcoin (BTC) Bullish?
Bitcoin seems to be spiking on the 1-hour charts, but it still does not have enough volume. It seems like the price will retest the $39,600 region once again and could face another rejection if the volume does not flow. If that happens, we will be interested in placing a short on Bitcoin with a tight stop-loss. The support we will be watching for Bitcoin after $38,000 is the $36,500 region.
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