Bitcoin (BTC) Price Analysis: Breaks Above $39,900 but Faces Strong Rejection

7:31 am, Wed, 16 March 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $39,500 mark and is struggling to sustain the bullish momentum it has been carrying for the past few hours. The price has been trading within a consolidation zone for the past few days and Bitcoin has been rather quiet all this time. Right now, the resistance zone BTC is struggling to break above on the shorter timeframes is the $39,900 mark. It has been keeping the price low for days and is the level we need to watch at the moment. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the coming hours.

Bitcoin (BTC) Price Analysis 2022 March 16

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Analyzing the Charts

If we take a look at the latest 1-hour charts for Bitcoin, we can see that the price did break above $39,900 but faced massive rejection at the $41,300 region. The price traded above $39,900 for only a couple of hours and is now back below this crucial level.

Bitcoin Price Analysis 2022 March 16

We can see that there is significant selling pressure above the $39,900 range and bulls could struggle to hold the support in the near future.

The support level we are watching for Bitcoin right now is the $38,300 mark. It is a crucial area that has been holding the price up for several days.

BTC Price Analysis 2022 March 16

We can also notice that the $39,900 mark and $38,300 mark are forming a consolidation zone for Bitcoin. As soon as BTC moves out of this range we could so a big move towards in either direction.

Bitcoin (BTC) Price Analysis 2022 March 16

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading within a consolidation zone and is struggling to break above the $39,900 mark for good. We can see there is still significant selling pressure for BTC around the $40,000 range and bull could struggle to hold the lower support in the coming days. Right now, we will not be placing any trades on BTC and will wait for it to move out of this consolidation zone.

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