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What is Bitcoin (BTC) Doing Right Now?
Bitcoin has broken below our crucial support of $39,500 and is currently trading around $38,000. As mentioned in our previous analysis, a drop below $39,500 could be an indication of a small correction for Bitcoin.
BTC managed to stay above $40,000 for consecutive days in the last week. However, after retesting the resistance at $42,500 a couple of times, it is now headed downwards once again.
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What Are the Next Levels to Watch for Bitcoin (BTC)?
As Bitcoin has fallen below our crucial support, the next level we need to watch is the $37,300 mark. BTC has used this level as resistance in the past, and it could be our next support to bounce from.
We also need to watch the region below this down to the $36,400 mark, as we might also end up touching that level. Once we fall within this region, a nice bounce towards the upside is likely.
A retest of this highlighted region between $36,400 and $37,300 is highly likely as we have also broken below an important level on the daily timeframe.
We mentioned in our previous price analysis that we are likely to break below this region, and it is playing out pretty much the same. However, a retest of the above-mentioned lower region would not be the worse thing for BTC. It could help the asset gain momentum to finally break above $42,500.
Conclusion: Is Bitcoin Bearish?
Bitcoin is still quite bullish, and we are expecting it to get above $40,000 very soon. However, we would not be interested in putting any long trades on Bitcoin in the short term. Currently, we are expecting BTC to head towards the region between $36,400 and $37,300. We might also be interested in buying more BTC if we bounce back from here.
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