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What is Bitcoin (BTC) Doing Right Now?
The price of Bitcoin has shown rejection at the $35,000 mark and is moving towards the downside once again. We discussed in our previous Bitcoin price analysis, the $35,000 level is critical for Bitcoin and must be broken.
This rejection means we are bearish on Bitcoin in the short term. It has also resulted in the break of support at $33,700, and we might be moving further downwards.
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The Key Level for Bitcoin
The immediate key level we need to watch on the hourly timeframe is the support at the $32,700 mark.
Based on the most recent data, Bitcoin is highly likely to touch this support zone. If it fails to hold this line, we will be retesting the high 20k levels once again.
If the price does manage to bounce back from this region, we can see a nice move towards the $36,000 region. The $36K region is a major resistance, and BTC needs to break it soon to become bullish again.
However, this time we might not be able to hold this support level as the price has also broken below this important trend line it was respecting.
The break of this trend line is a bearish sign, and we could be headed towards the $30,000 once again.
BTC will now test the resistance at the $33,700 level, and if the volume does not come in, the price will go downwards from here. This could also be a good opportunity to short Bitcoin.
Conclusion: The Final Verdict
As of now, Bitcoin is looking quite bearish on the hourly timeframe and could drop further below $32,700. The break of the trendline below on the hourly and the 4-hour timeframe is also a bearish sign as BTC is no longer making any higher lows.
Once Bitcoin drops again to the $30K or high $20K region, it could be a great buying opportunity.
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