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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $36,400 mark and is looking quite bearish in the immediate short term. As mentioned in our previous analysis, the price did retest the resistance at $37,600 once again and rejected it strongly. We saw several red candles right after the rejection and BTC is again headed back towards the support at $35,700. Let’s take a look at the latest Bitcoin charts to see whether we will see another sell-off or not.
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Analyzing the Charts
If we take a look at the 1-hour charts for Bitcoin, the first thing we can notice is that it has rejected the $37,600 several times.
There are several points where the price got rejected on the 1-hour timeframe by this resistance. We can also notice that when the price manages to break above this level it did not stay there for too long. The $37,600 mark can be labeled a strong resistance and would not break unless we see some serious volume flow on.
It is also going back to retest the support at $35,700 and will likely fall below it this time. The next area we would be eyeing in that scenario is the $34,400 mark.
It is likely that we will break below the $35,700 mark because we are entering the weekend and the market usually gets bearish on weekends.
On the other hand, dropping to $34,400 could help Bitcoin grab some liquidity required to reverse the trend and it would be interesting to see how the price reacts to this level in the coming days.
Conclusion: Is Bitcoin (BTC) Still in Downtrend?
Bitcoin is still moving in a downtrend and could go further lower in the coming days. The buying pressure has reduced significantly since the last month and Bitcoin has struggled to gain any real bullish momentum. However, we are still bullish on Bitcoin in the long term and are expecting it to make new records after this correction phase ends.
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