What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading below $42,500 and has shown some bullish momentum in the past few hours. As predicted in our yesterday’s price analysis, BTC found support above the $40,600 region and bounced back towards $42,000 nicely.
However, BTC might end up putting another lower-high here, and we can expect to retest the $40,600 mark once again.
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Analyzing the Charts
Bitcoin is currently showing bullish momentum, and the level we will be watching in the immediate short term is the $41,650 mark. As long as BTC is trading above this level, it has a better chance of breaking the $42,800 resistance.
If we manage to break above the $42,800 mark, the next target we will be eyeing is $44,200.
The region above $44,000 is crucial, and BTC needs to break it to become bullish again. It has been acting as a strong resistance for the past few weeks, and we could face another rejection here.
On the other hand, if we fail to break above $42,800, we will likely retest the $40,600 support once again. We have managed to hold this support several times in the recent past and could break below if we retest it again.
Break of this crucial support could trigger a major sell-off, and we will be expecting $37,800 to hold as support.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is still in the critical territory and is looking more bearish than bullish in the immediate short term. The bears seem to have more control over the market right now, but the bulls are trying to take that control back. Right now, we would not be taking any short-term trades on Bitcoin and will wait for it to stabilize before making any new moves.
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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