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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $42,000 mark and is still looking bearish in the immediate short term. The price has been moving within the consolidation range between $42,700 and $40,600 for the past couple of days and we have not seen any major spikes. BTC will likely move out of this consolidation range in the coming hours, and we can expect it to go in either direction. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the 1-hour charts, we can see that BTC is clearly facing resistance at $42,700 and must break above it to gain some bullish momentum.
As long as Bitcoin is trading below this level the price is likely to fall further in the near future. BTC also has support at the $40,600 mark which is holding quite nicely at the moment. It is a price level that Bitcoin has held nicely in the past and we can also expect the price to reverse from here.
We can also see that Bitcoin rejected the 42,700 mark only a few hours ago and is now coming back to retest it on the 1-hour timeframe. This is a bullish sign and it is likely that we will break above this resistance if we challenge it again.
If the price does break above $42,700, the next level we will be eyeing for Bitcoin in the short term is the $43,600 mark.
This scenario is likely to play out and we will be observing the price closely in the coming hours.
Conclusion: Final Verdict on Bitcoin
Bitcoin is currently moving within a consolidation range and does not have much momentum. It faced rejection at $42,700 only a few hours ago and is now looking to retest it once again. It seems likely that Bitcoin will get above this mark if it challenges it again. However, we still wont be trading Bitcoin unless it gets above this crucial level and start gaining some bullish momentum.
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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