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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just around the $40,000 mark and is struggling to gain bullish momentum on the lower timeframes. The price has been moving within a downtrend for the past several days and BTC has not experienced any upside spikes lately. The support level we are watching for Bitcoin right now is still the $39,200 mark. Right now, it looks like the price will lose this level and we would see a further correction for BTC in the coming hours. Let’s take a quick 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 30-minutes timeframe we can see that the price has not touched the $39,200 mark for the last couple of days. Right now, it seems like the price has found some virtual support around the $39,600 mark as it has bounced twice from this level.
We can also see that the price has found new resistance on the 30-minutes timeframe which is around the $41,500 mark. The price has faced strong rejection here and could be heading lower in the coming hours.
The price will likely break below the $39,600 mark and if that happens the next support, we will be watching for Bitcoin is the $37,700 mark. It would be interesting to see how the price reacts to that level as a quick bounce back from there could be a bullish sign for Bitcoin.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently struggling to gain bullish momentum on the lower timeframes and could head lower in the immediate short term. The price is struggling to form higher highs at the moment and further correction is likely. If BTC breaks below $39,600 in the coming hours, it will likely drop to the $37,700 mark. However, bulls will try to hold the $40,000 level on the 1-day timeframe, and it would be interesting to see how they push from here.
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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