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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $40,500 mark and has been going sideways for the past several hours. The price did break down from the $42,800 mark yesterday and touched the $39,700 zone before making a recovery. BTC has found some support around $40,300 on the 1-hour and lower timeframes but the price could still drop further. The major level we are watching for Bitcoin right now is the $39,700 mark. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed next in the short term.
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Analyzing the Charts
If we take a look at the 4-hour charts, we can see that the price touched the $39,700 region yesterday but recovered quickly. There is strong support around this area at the moment and Bitcoin must hold it over the weekend to gain more momentum.
We can also see that Bitcoin is holding this trendline support on the 4-hour timeframe. It is likely to gain bullish momentum in the short term if the price does not start closing 4-hour candles below this line.
This trendline has acted as strong resistance in the past and is currently holding nicely as support. BTC can experience some volatility here but must not close more than two 4-hourly candles below this level.
Also, on the 1-day timeframe, we can see that the price is reacting to the same levels mentioned above. The price must not close a daily candle below the $39,700 region. Breaking below this will give bears more control and we could see another major sell-off.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading in a tricky territory and could go either way in the short term. We are entering into the weekend so we can expect the price to drop further or move sideways in the next couple of days. BTC must hold the support zone at $39,700 in the near future to gain some bullishness. If the price bounces successfully from this level once again, we would be interested in accumulating more Bitcoin here.
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