What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $18,500 mark and is still looking bearish on the lower timeframes. The price faced strong rejection at $22,600 last week and has been dropping since. The market is still being dominated by the bears as the bulls tried to reverse the trend several times in the past months but failed. The support we were previously watching for BTC was the $18,600 mark, and the price is now trading below this crucial level. Let’s take a quick look at the latest Bitcoin 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 Bitcoin charts, we can see that after some sideways movement, the price broke below the previous support at $19,600 and dropped rapidly.
The resistance level we were previously watching for BTC was the $21,100 mark, and we can see that the price faced strong rejection there yesterday.
The $20,100 mark is still the main resistance we will be eyeing in the coming days. If the price manages to break above this level in the short term, we will witness a trend reversal for Bitcoin.
On the other hand, if Bitcoin closes multiple candles below the $18,600 mark, the price will continue to drop. The next level we will now be eyeing for Bitcoin is the $17,600 mark. It is the region where the price formed the bottom previously, and it would be interesting to see how the price reacts to it.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just below the $18,600 mark and is still looking bearish on the lower timeframes. It is likely that the price will now retest the bottom region around $17K and could also drop further. The macro trend is still bearish, so we can also expect the price to form a new bottom in the coming days. Right now, we will not be placing any short-term trades on BTC and will wait for it to break below the previous bottom.
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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