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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $24,000 mark and has gained decent bullish momentum on the lower timeframes. As mentioned in our previous analysis, the price has been struggling to break above $24,200 for a while now and has already rejected the level three times. We can notice that the bulls are again trying to push the price above $24,200, and it would be interesting to see how the price reacts this time. Let’s take a quick look at the 1-hour timeframes for BTC to see where the price is headed in the immediate short-term.
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Analyzing the 1-hour Charts
If we take a look at the 1-hour charts, we can see that the price bounced back nicely from the $22,600 mark and broke above $23,400 once again.
The price is now retesting the major resistance at $24,200, and it will be interesting to see how much selling pressure is there at the moment.
If we see another rejection here with the price dropping below $23,400 once again, we will consider it a good opportunity to short BTC. The lower target we are eyeing for Bitcoin in the short term is still the $20,600 mark.
On the other hand, if the price manages to break above $24,200 and closes the day above it with multiple 4-hour candles, Bitcoin will gain momentum once again.
The next target we will be eyeing in that scenario is the $26,400 mark. Flipping $24,200 into support will increase the buying pressure significantly.
Conclusion: What is Next for Bitcoin (BTC)?
If we take a look at the latest Bitcoin charts, we can see that the price has gained some momentum but is still struggling to break above $24,200. Right now, it looks likely that the price will reject $24,200 once again and fall further. We can also see that the bulls are trying to push at the moment and could also manage to break above $24,200. That is why we will be treading lightly at the moment.
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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