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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is still trading below the resistance at $21,700 and has been struggling to break above it for the past several days. The price is showing some bullish momentum on the micro timeframes right now but is still struggling to break above the $21,700 mark. The price has been consolidating within a channel and will likely break below it in the coming hours. In this article, we will take a look at the weekly timeframe for Bitcoin to see how the bigger picture is looking at the moment.
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Analyzing the 1-week Charts
If we switch to the 1-week charts for Bitcoin, we can first notice that the price faced strong rejection around the $25,000 mark and is still moving within a downtrend.
It is likely that the price will now visit the $19,200 region as it is the previous area of support from where we saw the price bounce strongly.
The $19K zone has plenty of significance as it was the previous support region and was also the market top for Bitcoin in 2017.
It will be interesting to see how the price reacts to this region in the coming weeks. If the price does bounce from this major support and gets above $25,000 in the coming weeks, this will most likely be the bottom for BTC.
However, it seems more likely that the price will break below the $19K region, and we will see a further correction for Bitcoin. The major trend is still bearish, so this scenario is looking quite possible at the moment.
If that happens, the next major zone we will be eyeing for Bitcoin on the macro timeframes is the $12K – $13K region.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently moving in a downtrend on the macro timeframes, and we can expect this trend to continue in the coming weeks. The price is now headed towards the bottom around the $18K – $19K zone, which was the previous bottom for Bitcoin. If the prices start closing daily candles below this region, we will be interested in shorting Bitcoin towards the lower levels.
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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