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What is Bitcoin (BTC) Doing Right Now?
As we discussed in our last price analysis, Bitcoin is bouncing back from the support at the $32,700 region and is looking to retest the next resistance level at the $33,700 mark.
Now we will take a look at the hourly timeframe to see how the price is behaving at the moment.
The $33,700 is a key resistance level, and we are likely to see a rejection once the price hits this mark. However, if we manage to break above this level, Bitcoin will turn bullish in the short term once again.
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Analyzing the 1-hour Timeframe
On the hourly timeframe, bitcoin is currently trading around the $32,700 support region. The price is moving towards the upside slowly and is forming a rising channel.
A rising channel is a bearish structure, and we can expect the price to take a nosedive once this level is broken.
The next critical support we need to watch after this break is the $31,500 region. It has acted as daily support for Bitcoin’s price in the past, and we can expect a bounce from there.
If Bitcoin fails to break through the upper resistance of this rising channel, we might see a sharp sell-off soon! We will also be interested in going long on Bitcoin at $31,500 as long as the trading volume is healthy.
Support Still Holding On The Daily Timeframe
The $31,500 Bitcoin support on the daily timeframe is still holding strong. The price is likely to bounce back from this region in the coming days, a bounce like this could see a Bitcoin rally back up towards the $35,000 mark.
Conclusion: Where is Bitcoin Headed?
Bitcoin is currently headed towards the downside on the short timeframes. We already have a bearish structure in play, and the volumes are not in our favor either.
However, in the long-term, we are still bullish on Bitcoin. Once Bitcoin breaks above the $42,000 region in the coming weeks, our bull run will resume.
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