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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $39,000 mark and is looking a bit bearish in the immediate short term. The price has been trading below $40,000 since yesterday and the longer it stays below this zone the more likely we are to drop further. Right now, BTC is coming back to retest the resistance level at the $39,100 mark and it would be interesting to see how the price reacts to it. 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 30-minutes timeframe for BTC we can clearly see that the price is currently bouncing back from the support at $38,200. We did talk about this level acting as support in our previous analysis, but it is still not a major support area. If the price faces rejection at $39,100, BTC will drop further in the coming hours.
If we do see Bitcoin drop further in the coming hours, the level we will be watching for support next is the $37,300 region.
On the other hand, if BTC starts to gain bullish momentum here and breaks above the $39,100 region, the next level we will be eyeing for it is the $40,300 mark.
The $40,300 area has acted as resistance in the past as well so it is likely it will try to push the price lower.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is not doing much at the moment and seems to be moving within a downtrend on the lower timeframes. Right now we will be hoping for BTC to get above the $40,000 mark and consolidate above it over the weekend. If the price keeps moving in a downtrend we could see a further drop in the next two days would be quite bearish in Bitcoin in the short term.
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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