What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the support at $41,700 and is struggling to gain bullish momentum. The price also tried to break above the resistance at 42,500 but faced a strong rejection there. Right now, it would be interesting to see whether BTC holds the support at $41,700 in the coming hours or goes lower to test $40,700 once again. The $40,700 is a major support level that is currently acting as our bottom.
Let’s take a look at the latest 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 1-hour charts for Bitcoin we can see that the price did try to break above current resistance but failed to do so. We can also identify this downward channel from which the price broke out and can see that the price is retesting its top at the moment.
We can clearly see that the price has currently found support at the $41,700 level which also happens to be the top of the channel it just broke out of.
Right now, the level we will be watching for Bitcoin is the $40,700 mark. After strong rejection, it is likely we will fall below $41,700 and retest the bottom once again.
On the other hand, if the price does bounce back from here to the next level, we would be watching for Bitcoin is at $43,500.
However, it is likely that the price will head downwards as the selling pressure seems to be increasing at the moment.
Conclusion: The Final Verdict on Bitcoin (BTC)
Bitcoin is still trading in a critical zone and could fall lower in the coming hours. The price is struggling to gain bullish momentum and is headed to retest $40,700 once again. Once we retest this level, it is vital for Bitcoin to start printing some green candles. As of now we would not be placing any trades on BTC and will see how the price reacts to the bottom level.
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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