What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $39,500 mark and is struggling to gain bullish momentum on the lower timeframes. As mentioned in our previous analysis, BTC is still in a tricky place and could face a strong rejection in the coming hours. Right now, the price is holding the support at $39,200 on the 1-hour and lower timeframes. Once Bitcoin drops below this level it is likely to visit the $37,700 zone once again. Let’s take a quick look at the latest BTC charts to see where the price is headed next in the short term.
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Analyzing the Charts
The resistance we are watching for Bitcoin right now on the lower timeframes is the $39,800 mark. We can see that the price did break above it for a few hours but faced strong rejection around the $40,300 region and fell below once again.
This indicates that the selling pressure is still there, and it is likely that Bitcoin will also fall below $39,200 in the coming hours. Once the price loses this level, the next immediate support we will be watching for Bitcoin is at $38,600.
Bitcoin will find some support around the $38,600 mark but it is not a strong support level either. The major level to watch for Bitcoin in the coming days is still the $37,700 mark which has acted as strong support in the recent past.
On the other hand, if the bulls step in and try to push the price once again, the major resistance level we will be eyeing for BTC is the $40,700 mark.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is not showing much bullishness on the lower timeframes and will likely drop further in the coming hours. The price is struggling to break above the major level at $40,700 and bulls need to flip it today to maintain the balance. If the price drops to $37,700 once again, bears will gain more control and they will have a strong chance of triggering another sell-off. Right now, we would not be placing any short-term trades and will wait for the price to move out of this zone.
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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