What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading below the support around the $42,600 region and is looking quite bearish in the immediate short term. We did talk about the possibility of a breakout in our yesterday’s price analysis, but the structure did not play out. Instead, the price broke towards the downside and lost the support at $42,600. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the immediate short term.

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Analyzing the Charts

The level we are currently watching for Bitcoin is the $41,700 mark which we did speculate will hold nicely as support. The price seems to be bouncing from this level nicely, but we would not expect it to break above $42,600 yet.

As the price is moving within a downtrend and is forming consistent lower highs, we can expect BTC to face rejection at $42,600.

In that scenario, the support level we would be watching for Bitcoin is $40,700. It is an area that has been holding well as support and it seems like BTC might visit this level once again.

On the other hand, if the price manages to get above $42,600 BTC will start gaining some momentum. In that case, the levels we will be watching are the same ones we discussed in previous analyses. The first resistance we will be looking at is around the $43,500 mark.

Conclusion: The Final Verdict on Bitcoin (BTC)

Bitcoin is still currently in a critical zone and is still moving within a downtrend. The price has not gained strong bullish momentum for weeks now as sellers are dominating the market. It is expected that BTC will come back to retest the support at $40,700. If that happens it would be interesting to see how the price reacts to this level. Falling below this support would be extremely bearish for Bitcoin.  

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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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