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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $20,700 mark and is looking quite bullish on the lower timeframes. The price is trying to break above the resistance around $20,600 and could jump further if it starts closing 4-hour candles above this level. BTC has been struggling to gain bullish momentum for a while now, and we have seen the price fall several times after a small relief rally on lower timeframes. It would be interesting to see how the price will react to the $20,700 resistance in the coming hours and whether BTC can close the week above it. 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 1-hour charts for Bitcoin, we can see that the price has bounced nicely from the support at $19,600. It is the level we were watching in our previous analyses, and BTC seems to be holding it pretty well at the moment.
We can also notice that Bitcoin is trying to break above the $20,600 mark. If the price closes at least one 4-hour candle above this level, it is likely that Bitcoin will go on to retest the major resistance around the $21,800 mark.
The $21,800 mark has been acting as strong resistance for almost a month now, and breaking above it could invite more buyers.
On the other hand, BTC needs to hold the support at $19,600 to sustain this momentum. If the price drops below this level, we will be eyeing the $18,600 region once again.
Conclusion: Final Verdict on Bitcoin (BTC)
Overall, Bitcoin is looking quite bearish, and a further drop in price is still expected. However, it is also showing some bullish signs on the lower timeframes, and a relief rally could also be possible before a dip. Right now, we will not be placing any short-term trades on Bitcoin and will observe the price carefully.
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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