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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $40,500 mark and is look quite bullish in the immediate short term. The price bounced nicely from the $38,300 mark yesterday and is headed towards higher targets once again. BTC has again started to gain some momentum on the lower timeframes so a bullish continuation in the coming hours is likely. Let’s take a quick look at the latest 1-hour charts for Bitcoin 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 latest 1-hour charts for Bitcoin we can see that the price fell below the support at $39,300 on Sunday but managed to reclaim it yesterday. BTC fell rapidly after losing this support, but bulls were able to push the price above again from the $38,300 level.
We can also notice that the price is facing resistance around the $40,700 mark which was expected. The $40,700 mark has acted as resistance and support in the past as well and BTC could breathe here before making another move.
We can see whenever the price gets above this level BTC gains strong bullish momentum. It is crucial for Bitcoin to get above this level in the coming hours so it can finally get out of this consolidation zone.
The next important level we will be watching for BTC after it breaks above $40,700 is the $42,000 region.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is once again trading above the $40,000 region but nothing can be said for certain. The price has been moving within this consolidation range for a while now and it would be interesting to see how this week plays out. As mentioned in our previous analyses, the major level Bitcoin needs to reclaim at the moment is the region above $42,700. If the price keeps trading below this level a move towards the downside is likely.
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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