What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $42,500 mark and is looking quite bearish in the immediate short term. It is still in a critical phase and is showing a lot of volatility. BTC has also faced multiple rejections aroundthe $44,200 – $45,000 region, which is another sign we are heading downwards.
Bitcoin must break above this resistance in the coming days; otherwise, we could fall below $40,000 easily.
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Analyzing the Charts
If we take a look at the 1-hour charts, we can observe that Bitcoin is currently trading below a crucial level of $42,800.
We can see that this area has acted as both support and resistance in the recent past and is a critical level. Bitcoin needs to get above this level in the coming hours to gain some bullish momentum.
Right now, we are facing rejection at $42,800 on the retest. It means that we will be heading towards the $40,600 level once again.
The $40,600 mark is a crucial level and has acted as support in the recent past. If we fail to hold this level, we could break below $40,000 and will be headed towards the $38,000 region.
We are also forming a lower-high on the 4-hour charts, which is another indication that we are headed lower. It also means that we can expect BTC to fall below $40,600 in the immediate short term.
Conclusion: Is Bitcoin (BTC) Looking Bearish?
Bitcoin is looking bearish in the immediate short term and could fall to the $40,600 mark in the coming hours. However, we are still bullish on Bitcoin in the long term and would be accumulating more if we fall below $40,600. Right now, we will let the price play out and will closely watch the levels mentioned above.
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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