Table of Contents
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $39,000 mark and is looking a little bearish at the moment. The price faced a massive rejection around the $42,500 mark yesterday and BTC fell below $40,000 once again. It would be interesting to see whether Bitcoin will get above the $40,000 mark in the coming hours or will the price fall further. Let’s take a look at the latest Bitcoin charts and identify the levels we need to watch in the immediate short term.
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 for Bitcoin we can see that the price has found some support around the $39,100 mark. It is an area that has acted as support and resistance in the past as well and we must hold it in the coming hours.
We can also see that the price is currently trying to break below this level, and we are also seeing some volatility for Bitcoin on the 1-hour timeframe. If BTC starts closing 1-hour candles below this level the next immediate support, we will be watching for it is the $38,100 mark.
On the other hand, if the price bounces back from here the first resistance level to watch for Bitcoin is the $40,300 mark.
The $40,300 mark is a region that has acted as resistance in the recent past as well. We could also see a wick touching this level which indicates there is decent selling pressure around this region. Once we break above $40,300 we could retest the $42,500 region once again.
Conclusion: The Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below $40,000 and is looking a little bearish in the immediate short term. The price is looking volatile at the moment and could go in either direction in the coming hours. We can see that there is significant selling pressure around $40,300 and this is the level we will be watching at the moment. Right now, we would not be placing any trades on Bitcoin.
Margin Trading for Beginners
If you are interested in leverage trading Bitcoin, you can go through our Margin Trading Guide to learn more about it. You can also check our list of top crypto exchanges to choose the platform that best suits your needs.
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]
