What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $39,200 mark and is looking quite bearish in the immediate short term. The price saw a massive rejection around the $42,500 mark and is now trading below $40,000 once again. Bitcoin experienced a major breakout just yesterday that helped it break above the strong resistance at the $39,600 mark. The price has now broken below this level once again and it has been flipped into resistance once again. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the lower timeframes for Bitcoin, we can see that it faced massive rejection at the $42,500 mark and also failed to hold the support at $41,700.
The major area Bitcoin was supposed to hold at this stage was the $39,600 mark but it is now also trading below this region.
The $39,600 mark was previously acting as a major resistance level and BTC needs to reclaim it in the coming hours to gain some bullish momentum. If we do see another rejection around this level we can expect the price to drop further in the coming hours. The first level we will be watching in that scenario is the $38,200 mark.
The $38,200 mark has acted as support on several occasions in the past and the price could bounce from here on the lower timeframes.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin managed to gain strong bullish momentum yesterday but that did not last long. The price is once again trading below the $40,000 mark and things are again looking bearish on the lower timeframes. The level we are watching for BTC right now is the $39,600 mark which kept pushing the price last week. If Bitcoin manages to break above it, we can once again move towards the higher levels.
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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