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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $35,000 mark and is looking extremely bearish in the immediate short term. The price has been dropping consistently for the past few weeks and is moving within a strong downtrend on both the lower and higher timeframes. BTC did manage to bounce from the $36,300 region to test the resistance at $39,400. However, the price faced strong rejection there, and a sell-off was triggered for Bitcoin. 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 first thing we can notice on the 1-hour timeframe for Bitcoin is that the price faced rejection at the $39,400 mark. As soon as BTC touched this resistance level the price started dropping and also lost the support at $36,300.
Right now, the price is trading below the $36,300 mark and seems to have found some temporary support around $34,600.
However, the main support level we will be watching for Bitcoin now in the short term is the $33,000 mark. It is a region where the price found strong support in the past and we can expect it to hold well when the price drops.
We also talked about this support level in our previous 1-day timeframe analysis and how important it is for BTC to hold this level. Bouncing from this level could also trigger a bullish reversal for Bitcoin.
Conclusion: Final Verdict on Bitcoin (BTC)?
Bitcoin is currently moving in a downtrend on almost all the significant timeframes and is looking quite bearish in the short term. The price has been falling consistently and there seems to be little to no buying pressure at the moment. The political tension across the world is also rising and it will have a significant impact on the stock, commodity, and crypto market. Right now, we will be staying on the sidelines and would not be accumulating more Bitcoin at the moment.
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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