What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $27,000 mark and is look extremely bearish in the immediate short-term. The price has been falling consistently for the past couple of weeks and we have not seen a relief rally either in this period. As mentioned in our previous analyses, the major support we were watching for Bitcoin was around the $30,000 mark. The price has now broken below this level successfully and another sell-off is on the cards in the coming days. Let’s take a quick look at the latest charts to see how things are looking for BTC on the lower timeframes.
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Analyzing the Charts
If we take a quick look at the 1-hour charts for Bitcoin we can notice that the price was previously struggling to break above the resistance at $32,600. The $30,000 region is usually a popular area for healthy bounces, but we did not see any this time due to extreme selling pressure.
This move means that Bitcoin is still in a strong downtrend, and we could witness it visiting the lower $20K region. Currently, the price has found some support at $27,000 but we are expecting it to fall further. If the price breaks below this support, the next level we will be eyeing in the short term is the $24,000 mark.
We can also see that the selling volume is spiking as a lot of people are still dumping their holdings.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently moving within a strong downtrend, and we are not expecting any upside movement sooner. Right now, we are waiting for the price to retest the $30,000 region where it will likely show rejection. Once that happens, we will be interested in shorting Bitcoin towards the lower $20K region. Unless the bulls try to step in with major volume this scenario is highly likely.
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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