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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $43,800 mark and is trying to gain some bullish momentum on the lower timeframes. Right now, the price is trying to get back above the $44,600 mark which is a crucial level of support BTC must regain. As long as the price is trading below this level there is a high chance of further correction in the coming hours and days. Let’s take at the latest Bitcoin charts to see where the price is headed in the coming hours.
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Analyzing the Charts
If we take a look at the 30-minutes timeframe for BTC, we can see that the price bounced back from $42,700 and is now trading around the $43,600 mark. We can also notice that Bitcoin was facing some resistance around $43,500 and has now broken above it.
If the price breaks $43,500 once again, it would be crucial for BTC to hold the support at $42,700. Bouncing back a second time from $42,700 will also form a double-bottom pattern which is a bullish indicator.
On the other hand, if the price fails to hold $42,700 in the coming hours or days, the next support we will be eyeing for Bitcoin is the $41,000 mark.
However, if the price does bounce back and retest the $44,600 mark there is a decent possibility that this was just a bear trap and BTC is still in an uptrend.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is now in the critical territory and could go either way in the short term. The area we need to watch again is the $44,600 mark. If the price holds the $42,700 mark in the coming hours there is a good chance, we will see a bounce for Bitcoin. It could turn out to be a small bear trap and the price will continue towards higher targets once again.
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