Bitcoin (BTC) Price Analysis – Rejection at $40,000

7:27 am, Tue, 27 July 21

Current Bitcoin Data

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Volume (24h)
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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.

BTC Price Analysis 2021-July-27

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.

BTC Price Analysis 2021-July-27

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 Price Analysis 2021-July-27

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.

BTC Price Analysis 2021-July-27

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