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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $30,500 mark and is trying to gain some momentum on the lower timeframes. The price is currently trading below the crucial level, around $30,800, and must get above it to regain bullish momentum. BTC recently faced rejection at the $32,200 mark and failed to hold the $30,800 mark as support. If Bitcoin faces another rejection at around $30,800 in the coming hours, we can expect it to fall further in the coming days. Let’s take a look at the latest 1-day charts to see where the price could be headed in the coming days.
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Analyzing the Charts
If we take a look at the latest 1-day charts for Bitcoin, we can see that the price faced strong rejection at $32,300 and dropped to the $29,500 region.
We can also notice that the price bounced back from the top of the triangle structure BTC broke out of recently. Buyers started to step in as soon as the price hit the top of this structure, and the volume also spiked temporarily.
A possible scenario from here could be that the price will again challenge the resistance at $32,200 after this bounce. However, BTC must break above the resistance at $30,800 on the lower timeframes to show some bullish signs.
However, we are also entering the weekend, and the price could struggle to break above $30,800 in the coming hours. The volume will drop, and a move towards the downside will also be on the cards.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below the crucial resistance at $30,800 and is losing bullishness on the lower timeframes. It is important for BTC to reclaim this level in the immediate short term, or we could see another downtrend for BTC. If that happens, the price could drop to lower mid $20K levels in the coming weeks. Right now, we would not be placing any short-term trades on BTC.
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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