What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above $45,000 and has been moving sideways for the past several hours. We saw huge fluctuations in Bitcoin price yesterday after news articles about Litecoin collaborating with Walmart circulated on the internet. The rumors immediately turned out to be a false alarm and which caused the pump dump in BTC’s price.
Litecoin denied the rumors in a press release today, and the price has finally stabilized just above $45,000. However, Bitcoin is still not out of the danger zone, and we could still fall further in the immediate short term.
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Analyzing the Charts
On the 1-hour timeframe, the main level we will be watching right now is the $45,000 mark. Bitcoin managed to get above this level despite the bearish momentum, which is a good sign for the price in the immediate short term.
The resistance we need to get above now is the region between $45,800 and $46,200. This area has been holding the price down for several days now, and we must get above it to shift the momentum.
If we lose the $45,000 level, the next area we would be watching is the support at $44,100. Keep in mind, we will be retesting this support for the third time and are likely to break below it.
The next important level for Bitcoin is the $42,600 region, and we can also expect to see a major bounce from it.
Right now, the more likely scenario is that we will retest the resistance zone around the $46,000 level. We will see how the price reacts to it this time and will trade Bitcoin accordingly.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is currently in a critical zone and can go either way in the immediate short term. As of now, we would not be opening any short-term trades on Bitcoin and will wait for the price to stabilize on one of the above-mentioned levels.
However, we are still extremely bullish on Bitcoin in the long term. Even after all these setbacks, a new all-time high for Bitcoin is imminent.
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