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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading below the $37,000 mark and is looking bearish in the immediate short term. The price has been moving within a strong downtrend for the past few days and has broken below all the support levels we discussed in our previous analysis. Right now, the price seems to have found some support around the $36,200 region but could continue to drop further in the coming hours. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the coming days.
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Analyzing the 1-Day Charts
If we take a look at the 1-day charts we can see that Bitcoin could be headed towards the lower levels in the coming days. The $36,000 region is currently holding as support but does not have enough volume strength to push the price up.
The price could also bounce back from this level, but it seems unlikely at the moment. The bears are pushing the price low and there seems to be no selling pressure around this region. That is why we are expecting the price to drop towards the $33,000 mark, where BTC formed the previous low.
We are speculating that the price could drop to the $34,000 to $33,000 region and there we could see some bulls step in. We can also see that the price could end up forming a double bottom pattern if it drops to the $33,000 region.
If this pattern does play out, we can expect a nice reversal for Bitcoin. It will push the price in an uptrend, and we would be heading towards higher targets once again.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently moving within a strong downtrend on the lower timeframes. The selling pressure is increasing, and the price is dropping rapidly over the past few days. Right now, we are expecting the price to drop around the $33,000 region and bounce back from there. If the price also drops below this crucial level, things can get extremely bearish for Bitcoin.
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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