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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $21,300 mark and has not moved much since yesterday. The price is currently consolidating around the $21,000 mark, and we can expect it to retest the resistance around $21,600 before continuing towards the downside. The buyers seem to have taken a step back for now, and it is likely that Bitcoin will retest the lower level once again in the coming days. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts, we can see that the price has been going sideways since yesterday. The price has also not touched the support at $20,600 yet but already seems to be going to retest the resistance at $21,600.
It is likely that the price will face rejection here and will continue to move towards the downside. We would also be interested in placing a short trade on BTC if the price faces strong rejection at $21,600.
The immediate level we will be watching for Bitcoin in that scenario will be the $19,800 mark.
On the other hand, if bulls manage to take control once again and push the price past $21,600, the next level we will be watching for Bitcoin is the $22,600 mark.
The $22,600 has acted as both support and resistance recently, and BTC will likely face resistance here if it gains some bullish momentum in the coming days.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $21,000 mark and has been going sideways since yesterday. The price seems to be heading towards the $21,600 mark to retest it as resistance. A strong rejection here could be a good sign, and we will be interested in placing a short trade on Bitcoin. If the downtrend continues, it is likely that Bitcoin will retest the previous bottom at around $18,000 once again.
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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