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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading below the $39,000 mark and is still looking bearish on the lower timeframes. The price fell below the crucial support around $39,600 just a couple of hours ago and we saw an immediate sell-off towards the $38,000 region. BTC held the support just fine over the weekend and did not show a lot of volatility due to low trading volume. The volume has started to flow in now and it would be interesting to see how the price will react in the coming hours. 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 latest Bitcoin charts, we can see that the price was held not only by the above-mentioned horizontal support but also by this trendline support.
As soon as the price broke below the trendline support, it was a bearish indicator and the break of support at $39,600 was almost confirmed.
We can also see that right now the price has found some support around the $38,800 mark. It would be interesting to see whether BTC will bounce back from here or if further sell-off is on the cards.
It is crucial for Bitcoin to regain the support at $39,600 by the end of the day as it is a crucial price zone for Bitcoin. Breaking below this level on the 1-day timeframe will be another indicator of further bearishness.
If the price loses the current support at $38,800 then the next level, we will be watching for it is around the $37,700 mark.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is still looking quite bearish on the lower timeframes and could go either way in the coming hours. Right now, the price needs to get above the $39,600 mark and claim the $40,000 region as support once again. The longer the price trades below this level the higher the chances of another sell-off. We would not be placing any short-term trades on Bitcoin at the moment and will wait for the price to stabilize above $40,000 or show a major rejection.
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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