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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $39,000 mark and is still recovering from the sell-off it experienced yesterday. As mentioned in our previous analysis, the support level we are watching for Bitcoin right now is the $38,400 mark. Bitcoin did flip this level into resistance for a few hours but is now trading back above it once again. The current resistance to watch for BTC is around the $39,200 mark. The overall momentum seems bearish at the moment, and it is likely that the price will drop further in the coming hours. Let’s take a look at the latest Bitcoin charts to see what we can expect from the crypto giant in the short term.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin we can see that the price is facing resistance around the $39,200 mark. BTC has been trading within this consolidation zone for weeks now and the $39,200 is where the volume flow increases.
It is likely that the price will face another rejection around this level and Bitcoin will head lower in the coming hours. BTC will also lose the immediate support at the $38,400 and will head towards the major support zone near the $37,700 mark.
The $37,700 mark is a crucial level that has acted as a major support on the 1-day and 1-week timeframe. As long as the bulls are holding this level, a bounce will be on the cards. There is also a decent chance that Bitcoin could bottom out here if bears struggle to break below $37,700 in the near future.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still trading within a critical consolidation zone and could go either way in the coming days. The momentum has been a bit bearish lately as the price is moving in the downtrend on the lower timeframes, but things could flip quickly. If bulls hold the $37,700 mark nicely in the next few days, there is a good chance that we will see a major bounce for Bitcoin. However, if the price breaks below this level another sell-off will be triggered.
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