What is Bitcoin (BTC) Doing Right Now?
Bitcoin has shown rejection at the $40,000 mark and is now headed downwards once again. As of now, Bitcoin is trading around $37,000 and is trying to gain some bullish momentum.
As discussed in our previous price analysis, the level Bitcoin needs to hold during this minor correction is the $36,100 region. Falling below this price could also trigger a sell-off for Bitcoin.
If we bounce back from this region successfully, we will be headed towards our next major target of $50,000.
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Important Levels for BTC for Short-term
Bitcoin is currently trading around the $37,000 mark and is looking bullish at the moment. The first level we need to watch out for BTC is $37,800. BTC did find short support in this region before, and it could act as our next resistance level.
Once we break above this region, we will be looking bullish again on the shorter timeframes. Another level we need to watch is the $38,800 mark. Once we get above that price level, we are highly likely to retest the $40,000 region once again.
BTC is currently struggling with low trading volume. If the volume does not push in, we will fall back to our support at the $36,000 region. If we fail to hold that support, another sell-off towards $28,000 is still a possibility.
Conclusion: Is Bitcoin Bullish?
Bitcoin has shown some great bullish momentum in the past few days and is taking a breather now. The price of BTC is currently around the $37,000 mark, and we will have to see how it behaves in the short term. We won’t be making any trades until the price touches the above-mentioned levels.
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