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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $46,000 region and is showing bearish momentum once again. As mentioned in our previous price analysis, BTC did bounce back from the support region at the $45,100 mark and retested the $46,700 level.
However, at the moment, Bitcoin seems to be rejecting the $46,700 area and is dropping back to the $45,100 region once again.
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What is Next for Bitcoin (BTC)
On the hourly timeframe, we have rejected the $46,700 region, an area that has acted as resistance in the past. This rejection is a bearish sign for BTC as we have already retested the support near the $45,100 level. If we retest our support level once again, it is likely we will break below it.
If we do happen to break below $45,100, the next level we need to hold is the $44,600 mark.
On the other hand, we can also see that the last retest of the $45,100 region was not a proper retest. We could also see another retest of $45,100 and might bounce back from it to challenge the $48,000 mark once again.
If we do manage to fall to the $44,600 mark or even lower, it still would not suggest that BTC is bearish. A correction at this point is healthy for Bitcoin, and we are still likely to retest the $50,000 mark very soon.
The 4-hour chart suggests that we have broken out of our ascending wedge, which is also an indication that we might break below $45,100. However, we are still not expecting the correction to be deeper.
Conclusion: Is Bitcoin Bearish?
Bitcoin is looking a little bearish in the short term, but we will have to wait and see how the price reacts to the $45,100 region. If we see a bounce back from this level, BTC will regain the bullish momentum, and we will be interested in opening a long position on it. On the other hand, if it does break below the level, we will observe how the $44,600 mark holds.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. This guide can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of best Bitcoin Exchanges To Trade With.
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