What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $40,700 mark and is looking a bit bearish in the immediate short term. As highlighted in our previous analysis, the main resistance we were watching for BTC was the $42,800 mark. The price did touch this level successfully yesterday but faced a strong rejection and fell once again. It is crucial for Bitcoin to break above this level in the short term as it could help shift the trend. Let’s take a look at the latest BTC charts to see where the price is headed next in the immediate short term.

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Analyzing the Charts

If we take a look at the latest 4-hour charts, we can also see that the price lost the support at $41,200 after facing strong rejection around the $42,800 mark.

Bitcoin had flipped the $41,200 mark into support only a couple of days ago. If the price fails to reclaim this level once again it could mean that another sell-off is on the cards.

The support we are currently watching for Bitcoin is the $39,700 mark. This area has acted as support recently on the lower timeframes and must hold it in the coming hours to avoid any major sell-off.

We are also entering the weekend, so it is important for BTC to reclaim the support in the coming hours. If the price fails to gain any bullish momentum today things could get more bearish for BTC next week.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is again struggling to break above major levels on the lower timeframes and could once again fall further. The price is still above our major support areas so it would be interesting to see whether it will hold these levels or not. Right now, we would not be placing any short-term trades on Bitcoin and will wait for the price to break above a major resistance or fall below strong support.

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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