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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $20,000 mark and has not moved much since the sell-off last week. The price has been struggling to gain any sort of momentum and has been going sideways on the lower timeframes. The resistance we are currently watching for BTC is the $20,600 mark which was previously acting as major support. It seems unlikely that the price will break above this level in the coming days, and a move towards the downside is possible. Let’s take a quick look at the latest charts for Bitcoin to see where the price could head next in the coming days.
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Analyzing the 1-Day Timeframe
If we take a look at the 1-day timeframe, we can see that the price is currently moving in a downtrend. It is currently retesting the previous major support ($20,600) currently to flip it into resistance, and we will likely see a continuation towards the downside.
If we take the current support around $19,600 out of consideration, the next main region we will be eyeing for Bitcoin is the $19,200 zone.
The price zone has acted as a major support level in the past, and we can expect BTC to react to this level positively.
Once the price gets to this region, a little bounce can be expected, but the trend will still be bearish. The bulls will lose the little momentum they will gain, and we will likely see the price head towards the $17,600 mark.
The $17,600 is the previous bottom and the lowest level the price has touched since the market crash in 2020.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is currently trading just around the $20,000 region and will likely drop further in the coming weeks. We are expecting the price to form a new bottom and will be accumulating more BTC at these lower levels in the coming days. It is likely that the price will drop to the $16K region. The lower levels we are currently expecting for Bitcoin could be around the $12,000 mark. However, a bounce is never out of the play, and we will be using dollar-cost-average to accumulate BTC at these 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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