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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $41,000 mark and is losing bullish momentum on the lower timeframes. As mentioned in our previous analysis, the price has been struggling to gain momentum since it faced rejection at the $42,400 mark. Right now, it seems like Bitcoin is also struggling to break above the $41,500 zone and could be heading lower in the coming hours. Let’s take a look at the latest lower-timeframe charts for BTC to see where the price is headed in the immediate short term.
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Analyzing the Charts
On the 1-hour timeframe, we can notice that BTC found some temporary support around the $40,800 mark at the moment and is still trading above it. However, after rejecting the $41,500 mark, it is likely that the price will break below this support in the coming hours.
Once the price falls below this immediate support, the first important level we would expect Bitcoin to hold is the $40,200 mark. It is an area that was acting as strong resistance several days ago and we can now expect Bitcoin to flip it into support.
On the other hand, if the price bounces back from the immediate support the target we will be eyeing for Bitcoin next is around the $44,000 region.
However, this scenario seems less likely at the moment as Bitcoin is struggling to get above the resistance levels and has faced multiple rejections.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading around the $41,000 mark and is trading below a couple of critical levels. It is vital for BTC to get above $41,500 in the coming days as it will help it regain bullish momentum. On the other hand, if it faces rejection again, we will be headed lower towards the $40,200 mark. That will mean Bitcoin is still struggling to break out of the consolidation zone it’s been respecting for months now.
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