Table of Contents
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $37,500 mark and is looking a little bearish in the immediate short term. We did see price gain some momentum on the 1-hour timeframe, but it ended up facing strong resistance around the $38,200 mark as speculated in our previous analysisvvv. Right now, it is likely that Bitcoin will be heading towards a lower level once again. We are also walking into the weekend and there is a possibility for the price to move sideways in the coming days.
![](https://www.bitcoinsensus.com/wp-content/uploads/2022/02/btc_ta_0402_ee1-1024x390.jpg)
You can trade Bitcoin with leverage on Bybit. By using our link, you can get up to a $4,100 bonus. (Bonus may vary based on deposit amount)
Analyzing the Charts
If we take a look at the 1-hour charts we can see that Bitcoin is rejecting the horizontal support and is headed lower once again.
![](https://www.bitcoinsensus.com/wp-content/uploads/2022/02/btc_ta_0402_ee2-1024x401.jpg)
We can also see that the price is not only facing this horizontal resistance but there is also a trendline that is keeping the price low.
![](https://www.bitcoinsensus.com/wp-content/uploads/2022/02/btc_ta_0402_ee3-1024x408.jpg)
We can clearly see in the above chart that the price is rejecting a trendline that was previously acting as support. Bitcoin is facing two different resistance points around this level and is a strong indication that the price is headed lower.
The price could retest the $36,200 level once again and we could also expect sideways movement within this zone for the next two days.
![](https://www.bitcoinsensus.com/wp-content/uploads/2022/02/btc_ta_0402_ee4-1024x428.jpg)
We did consider the $38,200 level as a nice shorting opportunity and would be targeting the $36,200 for this short-term trade. We are also using a tight stop loss to mitigate any risks.
Conclusion: What is Next for Bitcoin?
Not much has changed for Bitcoin since our previous analyses and we are expecting the downtrend to continue. Right now, Bitcoin is rejecting the $38,200 level and could go sideways for the next 48 hours. The price usually stays stagnant over the weekend unless a major seller steps in. The fundamentals for Bitcoin and the crypto space are still strong and this bear market may not last as long as many of us are expecting.
![sell](https://www.bitcoinsensus.com/wp-content/uploads/2021/07/bearish-.jpg)
PrimeXBT Covesting: Copy Trading
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.
[primexbt]