Bitcoin (BTC) Price Analysis: Back Above $20,000 (04-Oct)

2:59 pm, Tue, 4 October 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $20,000 mark and is finally gaining some momentum on the lower timeframes. The price has finally broken above the resistance at $19,600 and could be headed further up in the immediate short-term. BTC has been struggling to break out of its current zone for a while now, and the market has been stagnant for the past two weeks. If the price manages to stay above $19,600 by the end of the day, Bitcoin will have finally broken out of the consolidation zone. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed next in the immediate short-term.

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Analyzing the Charts

If we take a look at the latest 1-hour charts, we can see that the price is now breaking above the $19,600 mark and is trading comfortably above it. The resistance level we are watching for Bitcoin right now is the $20,400 mark.

If Bitcoin manages to close a daily candle above $19,600, it is highly likely to break through the resistance at $20,400. The next major level we will be eyeing in that scenario is the $21,200 mark

On the other hand, if the price faces rejection at $20,400 or fails to stay above $19,600, then we will see the price move back within the consolidation zone. A retest of the major support at $18,600 will be next in this scenario.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trying to flip the $19,600 mark into support and must close a daily candle above it. Right now, we will not be placing any short-term trades on Bitcoin and will be watching the price closely. The macro trend is still bearish, so we will not be placing any long trades in the coming days. The $17,600 region is also still in play.

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