What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading below the support at $23,600 and is struggling to gain momentum on the lower timeframes. The price has been trading within the same region for weeks now and is struggling to make a big move in either direction. Right now, we can notice that the selling pressure is slowly increasing, and the lower targets can come into play in the coming days. Once the price moves out of the current consolidation zone, a big move is highly likely. Let’s take a quick look at the latest 1-day timeframe for Bitcoin to see what levels are currently in play.
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Analyzing the Charts
If we take a look at the latest 1-day timeframe for Bitcoin, we can see that the price has been struggling to break above $24,200 for almost a month now.
We can notice that the price did trade above this level for a couple of days, but there was not enough momentum to push the price further.
The support level we are currently eyeing for BTC on the 1-day timeframe is the $22,600 mark. Breaking below this level will likely trigger another sell-off in the coming days.
Once the price breaks below this level, the next target we will be eying for Bitcoin is the $20,600 mark.
It is a significant region that has acted as strong support in the past as well. We can expect the price to find some relief around this level.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still struggling to gain momentum on the lower timeframes and could be headed downwards in the coming hours. The bulls are losing steam, and the selling pressure is gradually increasing. Unless some good news comes out for Bitcoin, the price will likely keep moving toward the downside. However, we will be using tight stop losses on our short trades.
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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