What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $40,000 mark and is struggling to gain momentum on the lower timeframes. The price has been trading around the $40K mark since yesterday and BTC must hold this zone to avoid another sell-off. The level that is supporting the price at the moment is the $39,200 mark. The price has bounced off this level twice already and could potentially bottom out here. Let’s take a look at the Bitcoin latest charts to see where the price is headed next.
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Analyzing the Charts
If we take a look at the 1-hour charts for Bitcoin we can see that the price has bounced back from the $39,200 mark and is currently facing resistance at around $40,800.
As mentioned in our previous analysis, the $40,800 level is a crucial area and Bitcoin needs to break above it to avoid further correction. Right now, we can also see that the price has formed a double-bottom at around $39,200. It is a bullish sign and could mean that the price is breaking above $40,800 soon.
If the price does bounce back from here the target, we will be watching next is the $42,100 mark.
It is a major level that Bitcoin needs to reclaim, and the price could also face strong resistance around this mark. On the other hand, if the price falls lower, the next level we will be watching is the $38,200 mark.
Conclusion: Final Verdict on Bitcoin
Bitcoin was going through an aggressive sell-off but has finally found some relief around the $40K region. Right now, are expecting the price to break above $40,800 and challenge the $42,100 mark as resistance. There is a decent chance of BTC bottoming out here, but it could also fall further if it faces another strong rejection. We would not be placing any short-term trades at the moment and will wait for the price to stabilize a bit more.
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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