What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $30,500 mark and has been going sideways for the past few days. As mentioned in our previous analysis, BTC is currently moving within a consolidation zone and could go either way in the immediate short-term. The resistance we are currently watching for BTC is around the $31,000 mark as it has been keeping the price in check since 11th of May. Let’s take a quick look at the latest Bitcoin charts to see what we can expect from the crypto giant in the coming days.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin, we can see that the price is moving within a consolidation zone for the past several days.
Right now, Bitcoin has some support around the $29,200 mark and it is facing resistance at $31,000.
We can also notice that BTC is forming higher lows on the 4-hour timeframe, which is a positive sign for the price action. It usually indicates that the buyers are stepping in however the volume is currently too low to make that assumption.
We can also notice that this series of higher lows is forming an ascending channel and BTC could break above the $31,000 mark in the coming hours.
If BTC continues to follow this structure it is likely that the price will retest the $32,200 mark. It is the next resistance level where BTC faced rejection previously.
Bitcoin will break above the $31,000 mark only if the volume flow increases. Otherwise, the price could fall below the $29,200 level as well.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin seems to have found strong support around the $29K – $30K region and has not moved much in the past few days. The price is quite stagnant at the moment and the volume is also low. Right now, we would not be placing any trades on BTC and will wait for it to move out of this consolidation zone. A relief rally is on the cards for Bitcoin so even if the price falls momentarily we have a bullish bias on the lower timeframes.
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