What is Bitcoin (BTC) Doing Right Now?
Bitcoin is trading around the $22,000 mark and has been going sideways for the past few days. The price did peak at around $24,000 and is now slowly moving towards the downside after facing rejection in this area. The crucial resistance level we are watching for Bitcoin right now is the $23,800 mark. If the price manages to break above this level convincingly in the coming days, we can expect a breakout for BTC. Let’s take a quick look at the latest price charts to see where the price could be headed in the immediate short term.
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Analyzing the Charts
The previous resistance we were watching for Bitcoin on the 1-hour charts was around the $22,600 mark. The price has broken below it successfully and now seems to be heading towards the lower targets.
This shows a downward trend beginning for Bitcoin, and the current support we are watching for it is around the $21,600 mark.
We can also notice that the price is moving within this downward channel and could continue to drop in the coming hours.
If BTC manages to break out of this channel, we can expect the price to retest the $23,800 mark once again.
On the other hand, if the price continues to move within this channel, the next support we will be eyeing for Bitcoin will be around the $20,500 mark.
The $20,500 region has acted as both support and resistance in the past, and we can expect it to hold nicely in the immediate short term.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $22,000 mark and has not moved much over the weekend. The price is trying to gain bullish momentum and could go either way in the immediate short term. Right now, the price could go either way, depending on how hard the bulls push. If the price breaks above the downward channel, we will also be interested in entering a long trade on Bitcoin.
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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