What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $21,000 mark and has been going sideways on the lower timeframe. The price is still trying to recover from the crash it experienced on June 12th and is trading below crucial levels on the macro timeframes. Right now, BTC is facing resistance around the $22,800 mark and has also found some support at $20,100 mark. We can expect the price to go sideways in the short term before making any major move. Let’s take a quick look at the 1-week charts for BTC to see where the price stands on the macro timeframes.
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Analyzing the Charts
If we take a look at the 1-week charts for Bitcoin we can see that the price is currently trading below a crucial support zone. The $30,000 region has held nicely as support throughout the bull market. It is the first time it has fallen below this crucial region on the 1-week timeframe.
We can also notice that the price has bounced back from this support several times in the past. Breaking below it could be an indication that things might stay calm for BTC in coming weeks.
The support zone we are currently watching for Bitcoin is around the $20,000 region. If the price falls below this level another sell-off could be triggered.
If Bitcoin bounces back from here a relief rally towards $30,000 can be expected. It will also be likely that Bitcoin will reject this level and fall back once again in the midterm.
This support zone is also the 0.786 level of the Fibonacci retracement from the low of previous bear market in 2020.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading below a crucial support zone and will likely move sideways in the coming weeks. The price has not fallen this much throughout the bull market and now we can expect some quiet time for BTC. Right now, we would not be placing any traders on Bitcoin and will let it show some indicators first on the lower timeframes.
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