Short-term selling opportunities are surfacing on the Bitcoin chart as the price of the largest cryptocurrency in the world just closed below a key support level.
We have talked about the importance of this $51,937 support region on numerous occasions. But the Bitcoin bulls could not just hold the price above that level, indicating that we might see Bitcoin grow weaker and selling-off in the coming days.
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For our Bitcoin short term bearish bias to be confirmed, we need to see the $51,937 previous support region begin to act as resistance to price.
Once Bitcoin continues trading below this key level, we can expect to see more weakness creep into the cryptocurrency and push the Bitcoin price lower in the coming days.
The 45,000 price region is the next key support to watch for and we talked about this potential Bitcoin selling-off opportunity in our previous analysis Bitcoin Playing Out As Predicted. Will The $51,937 Support Hold?
Bitcoin Bullish Price Prediction
While Bitcoin might have broken through and closed below the $51,937 support region, there is still a very high probability that we might see Bitcoin snap back up above the key support.
We have seen this kind of fakeout occur on the Bitcoin chart on numerous ocasions in the past and right now Bitcoin is still trading around that key area.
The first thing we want to see is more bearish pressure coming into the market and pushing the Bitcoin price lower. This bearish momentum could be the perfect indicstor we need to confirm the Bitcoin sell-off.
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We also created a video below where we talked more in-depth about some other patterns developing on the Bitcoin chart right now! We also talk about key fundamental factors that might affect the Bitcoin price in the coming days.
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