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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $21,700 mark and is still going sideways on the lower timeframes. The price has been trading within the same zone throughout the week as bulls are struggling to push past the $21,700 mark. Also, the trend is still bearish on the macro timeframes, and we can expect the price to continue to drop in the coming weeks. Right now, the support level we are watching for BTC is the $20,600 mark. 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 Bitcoin charts, we can see that the price is currently trying to break above the resistance at $21,700. Even though the bears are in control of the market, bulls can still manage to get above this level in the immediate short term.
If that happens, the next level we will be eyeing for Bitcoin is the previous resistance at $22,600.
However, we will likely see a strong rejection if the price manages to get to the $22,600 mark in the coming days. The level could invite more sellers, and a sell-off towards the bottom support levels will be on the cards.
If that happens, the next region we will be watching for Bitcoin is the $19,200 area. It has been the major support level for Bitcoin for the past few months, and it will be interesting to see how the price reacts to it.
The $19,200 zone will also be the target for the bear flag on the 4-hour timeframe that we highlighted in our previous analysis.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading within a consolidation zone and is struggling to make a move in either direction. We are expecting the price to drop lower in the coming days, but we will not be placing any short trades on Bitcoin yet. The macro trend, however, is still bearish for Bitcoin, and we will be eyeing the previous bottom in the coming days.
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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