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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $30,500 mark and is looking quite bullish on the lower timeframes. As mentioned in our previous analysis, the price is currently retesting the resistance at $30,800 and could break above it if the volumes start to flow. Right now, the price is struggling to break above this level, and it would be interesting to see how things will play out in the coming hours. Let’s take a quick look at the 30-minutes timeframe to analyze what direction the price could take in the immediate short-term.
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Analyzing the Charts
If we take a look at the 30-minutes timeframes for Bitcoin, we can see that it is currently facing resistance at $30,800 and struggling to break above it. However, we can also notice that it has found immediate support for around $30,200 and is currently trying to bounce back.
The $30,200 mark has acted as both resistance and support in the past as well, and we can expect a bounce from here. If BTC manages to break above $30,800, the volume will likely flow, and we will see a breakout towards the $32,000 region.
On the other hand, if the price falls below this level and starts closing the 30-minutes candle, we can expect Bitcoin to move towards the major support at $28,600. The next support level we will be watching in that scenario is around $29,500.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is still moving within a consolidation zone and can go either way in the coming days. BTC is near the resistance at $30,800, and if it manages to break above it successfully, the volume might start flowing. We would be observing the price closely at the moment and would be interested in buying more BTC if it breaks above the resistance convincingly.
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