Search
Close this search box.

The Key Resistance to Watch for Bitcoin Right Now

SHARE

SHARE

Table of Contents

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $37,800 mark and seems to be gaining some bullish momentum on the lower timeframes. The price successfully bounced back from the support at $36,200 and is once again moving within an uptrend on the 1-hour timeframe. However, the market is still dominated by sellers, and we would not get bullish on Bitcoin until it breaks some significant resistance levels in the coming days. Let’s take a look at the latest Bitcoin charts to spot the resistance level we need to watch for it right now.

ByBit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $4,100 bonus! (Bonus may vary based on deposit amount)

[bybit]

Analyzing the Charts

If we take a look at the latest 1-hour charts for Bitcoin we can see not only the price bounced back from $36,200 but it also broke above the resistance at $37,300.

The above chart shows that Bitcoin is gaining decent bullish momentum on the 1-hour timeframe and could be challenging the upper levels once again. The main resistance level we will be watching for Bitcoin next is the $38,200 mark.

The price has struggled to get above this level in the past and could face strong resistance there.

However, it seems unlikely that the price will break above this level in the coming hours or days as we are entering the weekend. A rejection at this level is expected and we could also see the price go sideways for the next two days.

The price could very well move within this range in the next couple of days as the volume is drained on weekends.

Conclusion: Where is Bitcoin (BTC) Headed?

Bitcoin seems to be gaining a little momentum on the lower timeframes but it is still moving within a strong downtrend. We are currently going through a bear market which could last for a few weeks or even several months. Right now we are not placing any short-term trades on Bitcoin and will be watching the price closely.

sell

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.

PrimeXBT Covesting: Copy Trading

Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.

[primexbt]

SHARE

Related Post

Comments are closed.

Buy / Sell Bitcoin

Rating: 89%

Claim up to $8,800 in Bonus

binance

Rating: 85%

World’s largest crypto exchange

Our Favourite Trading Platforms

bybit-logo

Rating: 94%

Claim up to $30,030 in Bonus

100x Leverage

prime-xbt

Rating: 91%

Claim up to $7,000 in Bonus

100x Leverage

Follow Us