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Bitcoin (BTC) Price Analysis: Struggling to Break Above $39,300

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $38,800 mark and is struggling to break above the $39,300 in the short term. The price has been moving below this level for the past couple of days and has failed to break above it successfully a couple of times. BTC has mostly been going sideways for the past week as it has been trading around $39,000 region since the first week of March. Let’s take a look at the latest Bitcoin charts to see what levels we need to watch for BTC in the immediate short term.

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Analyzing the Charts

If we take a look at the latest charts for Bitcoin, we can see that the price has been struggling to break above $39,300 for a while now.

We can see whenever the price has broken above this level it has fallen back again after facing strong selling pressure. It is crucial for BTC now to get above this level and retest it as support to break above it for good. Right now, the support level we will be watching for BTC is the $38,300 mark which has also been holding the price since the first week of March.

If the price manages to break above $39,300 and retests it successfully then the next resistance BTC will need to break is around the $40,200 mark. Breaking above this level will be a strong bullish sign for Bitcoin in the short term.

On the other hand, if the price falls below the $38,300 mark, then the next support we will be eyeing for BTC is the $37,200 region.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin has been going sideways for the past several days and has been mainly trading around the $39,000 region. The price has been consolidating for a good time now and we can expect a major move in either direction in the coming days. Right now, we would not be placing any short-term trades on Bitcoin and will wait for it to pick a trend on the lower timeframes.

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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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