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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just around the $38,500 mark and is struggling to gain any momentum on the lower timeframes. As speculated in our previous analysis, there is a good chance of Bitcoin continuing the downtrend and we can expect a further correction in the coming days. BTC dropped below the support at $38,400 yesterday and is currently trying to reclaim it. The price did bounce off once from this region successfully and it has also acted as solid support in the past. Let’s take a look at the latest Bitcoin charts to see where the price is headed next.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can see that the price is currently trading just above the resistance at $38,400. However, the price has not flipped this level and we will still be watching it as resistance instead of support. BTC must close at least a couple of 4-hours candles above this level for confirmation.
Once the price flips this region into support once again, the next level we will be targeting for Bitcoin is the $39,800 mark. It has been acting as resistance for the past few days and rejection here is likely.
We can also observe that the $39,800 mark is the 0.61 level of the Fibonacci from swing low to the swing high. It indicates that BTC is facing strong resistance in this zone.
On the other hand, if the price fails to break above $38,400 convincingly, the support level we will be watching for Bitcoin is the $37,500 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading near lower levels and is still moving within a downtrend. The price is struggling to gain any significant bullish momentum and we can expect a further correction in the coming days. Things have been quite challenging for Bitcoin since the beginning of 2022, and it would be interesting to see how long it will take for the price to get back above $50,000. In the short term, we will only be looking to go against the price.
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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