Bitcoin (BTC) Price Analysis: Current Levels to Watch (Mar-08)

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $38,200 mark and is looking a little bearish on the lower timeframes. BTC did manage to break above the resistance at $38,600 last night but once again faced rejection just below the $39,700 mark. Right now, the price seems to be moving in a downtrend and we could be heading lower in the coming hours. Let’s take a look at the latest Bitcoin charts to see where things are headed in the immediate short term.

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Analyzing the Charts

 Bitcoin is currently trading below the resistance at $38,600 and is struggling to break above it. We can see after rejection the $39K region the price dropped dramatically. It also failed to break above $38,600 after bouncing from the $37,600 region.

We can clearly see a trend here and can expect Bitcoin to drop further in the coming hours. We can also see that BTC is struggling to form a higher high on the 1-hour timeframe. The price did try to put a higher high last night but dropped rapidly after struggling.

So, if the downtrend continues it is likely that we will also break below the $37,600 mark. The support level we will be watching next in this scenario is the $36,700 region.

Conclusion: What is Next for Bitcoin (BTC)?

Bitcoin is currently trading within a downtrend on the 1-hour timeframe and is looking quite bearish in the immediate short term. The price has been moving in this price zone for several days now and a big move towards either side is inevitable. Right now, it seems like that BTC is headed in the downward direction once again. However, it would be interesting to see how the price plays out in the coming hours.

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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