What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $49,000 mark and is looking quite bearish in the immediate short term. We did see BTC break above the resistance at $49,500 but it could not sustain the momentum for long. The price faced rejection at $50,8000, which was significant resistance that we also discussed in one of our previous analyses. Let’s take a look at the Bitcoin charts to see what is happening to it right now and what to expect in the short term.
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Analyzing the Charts
If we take a look a the 1-hour chart we can clearly see that BTC has faced strong rejection just below $51,000 and is trading below $49,500 once again. Not only the price dropped significantly but Bitcoin also failed to flip $49,500 into support. This is a clear indicator that the selling pressure is still strong and we could also experience a further correction.
The current level we are watching for Bitcoin as support is the $47,200 mark. The buying volume is quite nice around this level and we would be hoping for Bitcoin to stay above this level in the coming days.
However, if we do manage to lose this support as well, the next level we will be watching for Bitcoin is the $46,100 region. It is an area that has acted as both support and resistance in the past and we are likely to find strong support there.
On the other hand, if we manage to break above $49,500 once again in the coming hours, the levels we will be watching next are the $50,800 region and the $51,600 mark.
However, it seems likely that we will be retesting the support at $47,200 in the coming hours. We would have to wait and see how the price reacts to this crucial level.
Conclusion: Final Verdict on Bitcoin
If we are talking about the immediate short term, then BTC is currently looking quite bearish. We can expect it to go lower as the selling pressure is still strong. Bitcoin is lacking buying volume at the moment and unless that comes in, we would be moving in a downtrend on the shorter timeframes. Right now, we would not be interested in placing any trades on BTC and will let the price play out.
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