What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,500 mark and is still looking bearish on most of the timeframes. The resistance we were watching for BTC during the past couple of weeks was the $21,700 mark. The price rejected this level several times on the lower timeframes, which resulted in Bitcoin breaking the support at $20,000. Right now, the price is hovering around the $19,500 mark, and we can expect it to retest the previous local bottom that was formed on June 22nd. Let’s take a quick look at the latest 1-week charts for Bitcoin to see where the price is headed in the midterm.
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Analyzing the Charts
If we take a look at the latest 1-week charts for Bitcoin, we can notice that the price is currently holding the $19,000 – $20,000 support range.
The price has been consolidating here for a couple of weeks, as some bulls are still trying to hold this region.
This level has plenty of significance as it is also the peak of the 2017 bull cycle. Breaking below this region could trigger another big sell-off for Bitcoin.
Right now, it seems quite likely that Bitcoin will break below this support zone. The momentum is still bearish, and the trading volume is also low.
If BTC breaks below this support zone, we can expect the price to drop all the way to $12,000. There aren’t any levels to watch from here towards $12,000, and a sell-off is highly likely.
The $12,000 mark will be quite a low level for Bitcoin, and we will consider it a good buying price for the crypto giant.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below the $20,000 mark, and we can expect it to drop further in the coming days. The price could drop as low as $12,000 in the coming weeks, and we might finally see selling pressure disappearing after that. We will not be placing any short trades on Bitcoin right now and will wait for the price to go down. However, we will be interested in accumulating more Bitcoin around the $12,000 mark.
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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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