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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $22,000 mark and has been consolidating near this price zone for the past few days. The price faced rejection at the $23,800 mark, and since then, it has started losing momentum. The immediate support we were watching after the rejection for BTC was the $22,600 mark. The price has now broken below it, and it would be interesting to see if it will bounce from the next support. Let’s take a quick look at the 1-day timeframe for Bitcoin to see where the price could go next in the coming week.
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Analyzing the Charts
If we take a look at the 1-day timeframe for Bitcoin, we can see that the price is coming back to retest the lower levels after facing rejection around the $23,800 mark.
If the price bounces from this level and retests the $23,800 mark with high trading volume, it is likely that Bitcoin will continue this upward trend.
However, the price seems to be losing steam, and there is a good chance that the price will break below $21,600. If that happens, the downtrend will continue, and the next area we will be watching for BTC is the $20,500 region.
Bitcoin previously bottomed out around the $18,000 mark, and if this downtrend continues, we can expect it to retest the bottom again.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $22,000 mark and could go either way in the coming days. The bulls pushed the price towards the $24,000 mark before it started losing steam. If we do not see Bitcoin find some support in the next few days, it will likely continue the downtrend and test the lower levels once again. Right now, we will not be placing any short-term trade on BTC and will wait for the price to make a significant move.
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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