What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $41,500 mark and is trying to gain more momentum on the lower timeframes. As mentioned in our yesterday’s analysis, BTC has now found support at $41,300 and must hold this level in the coming hours to sustain the momentum. The price was trading below this level for over a week and there is a good chance that we will see BTC retest higher targets in the short term. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed in the coming hours.
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Analyzing the Charts
If we switch to the 1-hour timeframe for Bitcoin we can see that Bitcoin is currently struggling to hold the $41,300 region.
We can notice that the price did break below the support for a couple of hours, but the bulls were able to push it back up. It would be interesting to see whether the bulls can hold this level in the coming hours or not.
If bulls gain more control here, the next level we will be watching for Bitcoin is the $42,800. It is an important level as breaking above it could confirm the uptrend on the lower timeframe.
On the other hand, if the price breaks below $41,300 once again and closes 3-4 hourly candles below it, BTC will drop once again. The support level we will be watching in that scenario is the $38,800 mark.
Conclusion: What is Next for Bitcoin (BTC)?
On the lower timeframes, Bitcoin needs to hold the support at $41,300. The price needs to challenge the $42,800 level in the coming hours but if Bitcoin loses support, it will be continuing the downtrend once again. Right now, we are looking at the $42,800 mark closely because if the price flips this region into support, we will be interested in placing a long trade on Bitcoin.
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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