What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $21,000 mark and is struggling to sustain momentum on the lower timeframes. As mentioned in our previous analysis, the price was trading below the resistance at $22,600 and has rejected it strongly. Right now, the price is dropping on the micro timeframes, and a sell-off is also possible in the coming hours. The bulls are losing steam now, and the trend might shift once again. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed in the coming days.
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Analyzing the Charts
If we take a look at the latest 1-day charts for Bitcoin, we can see that the price broke above $21,800 for a couple of days but is now trading back below it. There was not enough steam to push the price further, and we can also expect it to drop in the coming days.
We can notice that this level has acted as strong resistance on multiple occasions in the past, and the bears will be selling BTC around this region.
The bulls will have to step up to break above this resistance in the immediate short term. If the price keeps losing momentum in the coming hours. The next area we will be eyeing for Bitcoin is the $19,600 mark.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading around the $21,000 mark and will likely drop further in the coming hours. The price did gain some momentum for the short-term but is heading downwards once again. Right now, we will not be placing any short-term trades on Bitcoin and will be waiting for it to retest the lower levels once again. The macro trend is still bearish, and we can also expect the price to form a new bottom in the coming weeks.
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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