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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $39,200 mark and is looking quite bearish in the immediate short term. As speculated in our Friday’s price analysis, the price did break down during the weekend and dropped below the crucial $40,000 mark. Right now, the price is trading below another crucial support at around $39,400. Let’s take a look at the latest BTC charts to see where the price is headed next and what level we need to hold in the immediate short term.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can see that the price is trading below a critical support level at the moment. The $39,400 mark is the level that was the previous local bottom for BTC. It has also acted as a strong resistance and support in the past and Bitcoin must reclaim this level in the coming hours.
We can also notice that whenever the price overcomes this level it makes a big move in either direction. That is why we need Bitcoin to reclaim this support in the coming hours.
BTC is currently retesting this level as resistance and if it ends up breaking above it, we can expect a breakout towards the $40,500 mark.
On the other hand, if we face rejection at the $39,400 mark in the next few hours, we will be retesting the support at $38,100 once again and will likely break below it. The level we will be eyeing for Bitcoin, in that case, is the $37,300 mark.
The $37,300 region has also acted as both resistance and support in the past and BTC is likely to hold it nicely.
Conclusion: The Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below some important support levels and is looking quite bearish in the immediate short term. Right now, it is too early to see where Bitcoin is headed next. This move towards the downside could be a warning for a major correction or it could also just be a bear trap. Right now, we would not be placing any trades on Bitcoin and will wait for the price to stabilize a little.
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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