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Support Level to Watch for Bitcoin in the Immediate Short Term

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just below the $37,000 mark and has broken below the symmetrical triangle we pointed out in our previous analysis. The price is moving towards the downside as speculated and we can see BTC hit lower levels once again in the coming days. Bitcoin managed to gain some bullish momentum on the lower timeframes the past week but faced massive rejection just below the $39,000 mark. Let’s take a look at the latest Bitcoin charts to see where the price can find support in the coming hours.

Bitcoin (BTC) Price Analysis 2022 February 03

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Analyzing the Charts

On the 1-hour timeframe, we can observe that the price faced big rejection at the $38,800 mark and the price started dropping immediately.

Bitcoin Price Analysis 2022 February 03

We can also see that after facing the rejection, the price broke through two support levels in a matter of a few hours. These were the levels we were observing previously and they also held the price nicely in the recent past.

BTC Price Analysis 2022 February 03

The next level we will be watching for Bitcoin on the 1-hour timeframe is the $36,600 mark. It is an area that has acted as both resistance and support in the past and there is a chance for Bitcoin to bounce back from here.

Bitcoin (BTC) Price Analysis 2022 February 03

We would be watching keenly how the price reacts to this level in the coming hours. Right now, it seems like the price is going back to retest $37,500 again.

On the other hand, the price is also likely to drop to the $33,600 mark as it is the breakdown target for our symmetrical triangle on the 4-hour timeframe.

Conclusion: Is Bitcoin (BTC) Looking Bearish?

Bitcoin is looking bearish in the short term and the price can head lower in the coming days. The support we are watching for BTC on the lower timeframes is the $36,600 mark. If the price bounces from here, it would mean that Bitcoin still has some bullish momentum. However, we are also expecting the price to visit the $33,600 mark in the near future.

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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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