What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $22,000 mark and is looking quite bullish on the lower timeframes. The price is now trading above the resistance at $21,800 and could go sideways in the coming hours. After consolidating around $19K for days, Bitcoin has finally gained some momentum, and the bulls seem to be in control at the moment. However, the macro trend is still bearish, and it will be interesting to see how long this bullishness will last. Let’s take a quick look at the latest BTC charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest BTC charts, we can see that the price is currently trading above $21,800 and has not lost any momentum. It is heading towards the resistance at $22,600, and it will be interesting to see how the price reacts to this level.
The $22,600 mark is an important level because it is the area where BTC experienced a sell-off in August. Breaking above it could mean another breakout for Bitcoin.
The next area we will be eyeing in that scenario is the $23,600 mark. An area that has acted as both support and resistance in the past.
On the other hand, if the sellers try to take control and the price breaks below $21,800, the next immediate level we will be watching for Bitcoin is the $21,200 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading above the $22K mark and is looking quite bullish in the short term. The bulls have finally managed to get above the $20,000 region once more, and it will be interesting to see how things play out next. Right now, we will not be placing any short-term trades on BTC and will be watching the price closely.
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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