What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $20,800 mark and is struggling to gain bullish momentum on the lower timeframes. The price has just retested the $20,000 mark on the 4-hour timeframe and is trying to bounce back from there. The resistance area we are currently watching for BTC is around the $21,400 mark. If the price does not get above this level in the coming days, we can expect BTC to fall to break below $20,000 once again. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed next in the mid-term.
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Analyzing the Charts
If we take a look at the 1-week charts, we can see that the price is holding the $19,000 – $20,000 nicely.
This region has a lot of significance because it was the top of the bull market of 2017. It is likely that the bulls will try to hold this level, and we can expect a nice bounce also in the coming weeks.
However, the market is still bearish, and we can expect Bitcoin to lose this level in the coming weeks. Consolidation is more likely here, and after that, we can expect another sell-off for Bitcoin. The bottom support we will be eyeing in that scenario is around the $12,000 mark.
If that does happen, there would be decent chances that Bitcoin will bottom around the $12,000 mark. The highlighted zone is also the top resistance Bitcoin faced in 2019 and 2020.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is still moving within a downtrend on the macro timeframes, and we can expect it to fall further in the coming weeks. There is a lot of uncertainty and fear in the market, which makes it hard to predict how low the price will go. We will not be going all-in at any level and would be opting for the dollar-cost averaging strategy to be on the safer side.
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