What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $24,000 mark and is looking quite bullish in the immediate short term. The price has been going up for the past couple of days, and things are looking quite positive for BTC at the moment. The new resistance level we are currently watching for Bitcoin is around the $24,200 mark. It is the level where the price peaked on the previous retest, and we can expect Bitcoin to face some resistance here. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can see that the price has been going up since Tuesday. The resistance we were previously eyeing was the $23,800 mark, but now the price seems to be trading above it and facing resistance around the level where it peaked recently.
We can also notice that the price has successfully broken out of the bullish pennant we highlighted in our previous analysis, and is headed towards the target.
However, there is a good chance the target won’t be met in the coming hours. We are now entering the weekend, and the price will likely lose momentum by the end of the day. If Bitcoin faces strong rejection here and drops to $22,100, the trend will shift again. The next support level we will be watching in that scenario is the $20,600 region.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $24,000 mark and is looking quite bullish on the lower timeframes. The momentum seems to be with BTC at the moment, but it could change quickly. Not only are we entering the weekend, but the fundamentals aren’t looking bullish either at the moment. If the price faces strong rejection here, the downtrend will likely continue, and BTC will be headed towards $19,000 again.
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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