What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $35,500 mark and is still looking bearish in the short term. The price is currently bouncing back from the support at $34,800 and could touch upper levels before making another move towards the downside. The fundamentals are also not looking good for Bitcoin as the Russia-Ukraine conflict is escalating. Financial markets around the world are struggling at the moment and it seems BTC will also be plunging further. Let’s take a look at the latest Bitcoin charts to see what levels the price will touch next.
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Analyzing the Charts
If we take a look at the charts, we can see that BTC has faced strong rejection around the $39,300 mark and has also broken below a crucial support at $36,500. This aggressive price movement is not a good sign for Bitcoin and means that the selling pressure is quite high.
Right now, the price seems to have found support around $34,800 but it is likely that we will break below this as well. The support we will be watching for BTC in that scenario is the $33,000 region.
Now, what we are expecting from BTC here is to retest the upper levels after dropping to the $33,000 region. We can also see it bounce back from here and retest the resistance at $39,300 once again.
If Bitcoin does retest the resistance at $39,300 it will form a double top and will confirm our downtrend.
On the other hand, Bitcoin will also be forming a double bottom pattern on the 1-day timeframe, but it is likely that it will not play out due to rising political tension.
Conclusion: Will Bitcoin (BTC) Drop Further?
Bitcoin is not in a good spot at the moment, and we can expect it to fall further in the coming days. The Russia-Ukraine conflict has affected the financial markets badly and has also accelerated BTC’s bearish run. Right now, we would not be placing any long trades on Bitcoin and will look for shorting opportunities. If Bitcoin does retest the resistance around $39K we will be interested in opening a short position.
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