What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $21,000 mark and has been going sideways for the past day. As mentioned in our previous analysis, the price is currently looking to retest the resistance at $21,600. It is likely that we will see rejection for Bitcoin around this mark, and it will continue to drop in the coming days. The price peaked around the $24,000 region and has been losing momentum since then. Let’s take a quick look at the latest 1-week charts for BTC to see where the price could be headed in the midterm.
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Analyzing the Charts
If we take a look at the 1-week charts, we can see that the price found support around the $19,200 mark and gained some momentum to jump towards the $23,800 mark.
The target we were eyeing for Bitcoin for this bounce was the $26,600 mark. The price has not met the target, but it could still continue to move towards the downside to retest the previous low.
The first possible scenario is that Bitcoin will break above $23,800 in the coming days and will continue to move towards the $26,600 mark. In that scenario, we can expect the price to test the $26,600 as resistance and face a solid rejection towards the $19,200 mark once again.
On the other hand, the likely scenario is that the price is already done with the relief rally and will continue towards $19,200. If that happens, it is likely that the price will also break below the previous bottom.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just above the $21,000 mark and is trying to retest the resistance at $21,600. If the price rejects this level, it is likely that Bitcoin will drop further and will also lose support at around $20,500. A strong rejection around the $21,600 could mean the price will drop towards the $19,200 region once again. The area where price has strong support on the 1-week timeframe.
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