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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $42,000 mark and is still looking bearish in the immediate short term. As discussed in our previous price analysis, Bitcoin is still in a downtrend, and we would not be taking any long positions on it just yet. It is still forming lower highs, and the selling pressure is increasing.
In this price analysis, we will take a look at the levels we need to watch for Bitcoin in the immediate short term.
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Analyzing the Charts
The first level we will be watching for Bitcoin in the immediate short term is the $42,300 mark. We are currently facing resistance at this level, and the longer we stay below it, the more bearish we will get.
If we do not break above this level, we will be heading towards the $39,500 which we just touched a few hours ago. We are likely to find some sort of support at $39,500, but it might still not be our bottom.
If the selling pressure continues at $39,500, then we will be watching the $38,600 level next. This level has some significance as it has acted as both support and resistance in the past.
Right now, financial markets are in a tricky place as there is a lot of fud going around the stock and crypto market. Bitcoin can show some volatility and unpredictable movements in the short term.
Conclusion: Is Bitcoin (BTC) Looking Bearish?
Bitcoin is currently in a downtrend and is looking bearish in the short term. There is a lot of uncertainty around financial markets currently, and we can expect Bitcoin to drop a little further. However, it does not indicate that we are in a bear market, and we are still bullish for Bitcoin in the long term.
Once we see a shift in momentum, we will start accumulating more Bitcoin at these discount prices.
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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