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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $22,000 mark and is looking quite bullish in the immediate short-term. The price managed to break above the resistance at $19,600 on Friday and has been going up since. BTC consolidated around the $19K region for days and has finally broken out of it. The bulls have finally gained some control, and the selling pressure around $20K has also decreased. However, the macro trend is still bearish, and we will not be calling the $18,600 mark the local bottom yet. Let’s take a quick look at the latest BTC charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest charts for Bitcoin, we can see that there was some resistance around the $21,400 region, but the price broke above it comfortably.
The level we are now watching for Bitcoin is the $21,800 mark. This area was also acting as resistance, and the price seems to have broken above the mark now. The price will continue to rise if BTC stays above in this level in the coming hours.
Once the $21,800 mark has been flipped into support successfully, the next target we will be eyeing is the $22,600 mark. It is the previous level where we saw bulls lost control a few weeks ago. Breaking above it will increase the buying pressure.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has finally started to show some momentum and is looking quite bullish on the lower timeframes. The price has broken above $21,800, and it will be interesting to see how it reacts to the $22,600 region in the coming hours. The market is currently looking volatile and could go in either direction. Right now, we will not be placing any short-term trades on BTC and will be observing the price closely.
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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