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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $30,000 mark and has been struggling to gain momentum for the past few weeks. The price has been trading within the same zone for over a month now, and there is no significant buying or selling pressure at the moment. On the lower timeframes, BTC is currently facing resistance at around the $30,800 mark and is holding the $30,000 level as support. Let’s take a quick look at the 1-day timeframe for Bitcoin to see where things could be headed in the coming week.
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Analyzing the Charts
If we take a look at the 1-day timeframe for Bitcoin, we can see that the price has been moving with this consolidation zone for a month now. There has not been much volatility since May 09, and the price is hovering around the $30,000 region.
We can notice that the price did show some bullishness when it broke out of the falling wedge, but it faced resistance around the $32,000 region and fell once again.
For Bitcoin to make any major moves, it has to break above the $32,000 region in the coming days. Once the price gets above that level convincingly, we can expect a relief rally for Bitcoin.
On the other hand, if the price starts closing candles below $28,600 in the coming days, we can expect another sell-off for BTC.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has been consolidating for a month now and can still go either way in the coming weeks. The price is struggling to break above this region because there is no selling or buying pressure at the moment. We would not be placing any major trades on BTC as long as it is trading within this price zone. Once the price breaks out of this zone convincingly, we will make our move accordingly.
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