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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just around the $20,000 mark and is looking quite bearish on the lower timeframes. The price faced strong rejection at $22,600 a couple of days ago and since then has been struggling to gain any real momentum. We saw BTC drop from $22,600 to $20,000 in a matter of hours, and the bears seem to have regained control of the market. It is likely that we will witness a further drop in the coming days, and BTC will form new lows. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the immediate short-term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, we can see that the price has found support at the $19,600 mark. It is the previous level of support we were watching several days ago, and right now, the bulls are holding it nicely.
The current resistance Bitcoin is facing on the 1-hour timeframe is the $20,500 mark. This area has acted as resistance in the recent past as well, so the price will likely struggle to get above this level in the immediate short-term.
We can expect the price to move within this zone for a while before it eventually breaks down below. The next target we will be eyeing for BTC in that scenario is the $18,600 mark. It is also the level from where the price bounced back previously.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $20,000 mark and could drop further in the coming days. The price is still moving in a downtrend on most of the timeframes and will likely drop further. The bullish move toward the upside was always going to be temporary, as we saw the price reject the $22,600 mark. We will be interested in shorting BTC if it drops below the $19K zone convincingly.
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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