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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading at the $22,800 mark and is struggling to gain bullish momentum on the lower timeframes. As mentioned in our previous analysis, the price is currently trading below the support at $23,200 and could drop further in the coming hours. The current support level we are now watching for BTC on the lower timeframes is the $22,600 mark. The volume is also dropping at the moment, so there is a good chance that the price will fall further. Let’s take a quick look at the latest 1-week charts for Bitcoin to see where things could be headed in the coming weeks.
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Analyzing the Charts
If we switch to the 1-week timeframe on the Bitcoin charts, the first thing we can notice is that the price is currently rejecting the $24,200 mark.
We have seen Bitcoin reject this level a couple of times on the daily timeframe as well, and it is acting as strong resistance again.
The support level we will be watching on the 1-week timeframe is the $19,200 mark. It seems likely that the price will touch this level once again as Bitcoin is moving within a downtrend.
This price zone has plenty of significance because it was also the top for Bitcoin during the 2017 bull run.
If the price does break below in the coming weeks, we will see Bitcoin forming another lower low with a new bottom. The next level we will be eyeing for BTC in that scenario is the $16,200 mark.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading just below the $23,000 mark and could drop further in the coming days. The price is still moving within a downtrend on the macro timeframe, and the bear market is still ongoing. Buyers will have to come on strong if they want to push the price past $24,200. Right now, we are not buying any more BTC and will wait for the price to drop further.
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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