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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $32,500 mark and is still moving within a strong downtrend. The price touched the $30,000 region a few hours ago but we finally saw some buyers step in and BTC was pushed above $32,000 once again. On the lower timeframes, Bitcoin has started to close green candles, but it would be interesting to see whether it can overcome the resistance levels or not. Let’s take a look at the latest 30-minutes charts for Bitcoin to see how the price is gaining momentum on the lower timeframes.
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Analyzing the Charts
If we take a look at the latest 30-minutes charts for Bitcoin, we can see that the price did gain some momentum after visiting the $30,000 region. It bounced back nicely and also broke above the short-term resistance Bitcoin was facing around the $31,300 mark.
However, it still does not mean much for the price action as the main resistance we are currently watching is around the $32,600 mark.
If Bitcoin manages to get above $32,600 in the next few hours, we can expect a few more buyers to step in. Things could start looking bullish for BTC in that scenario, and the next major resistance to watch will be around the $33,800 mark.
On the other hand, if the price faces rejection here and goes back to $30,000, BTC will continue the downtrend. The next level to watch in that scenario is around the $29,200 mark.
The $29,200 mark has significance as it has acted as support previously in the month of January as well.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still moving within a downtrend and could fall further in the coming hours and days. The price has shown some relief on the lower timeframes but there is not enough moment yet to push the price higher. Right now, we would be waiting for Bitcoin to show rejection near a major resistance level and will be interested in shorting it if the selling volume continues to grow.
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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