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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $21,000 mark and has been slowly losing momentum on the lower timeframes. We saw Bitcoin go from $19,000 to $24,000 in a matter of days, and after facing rejection at around $23,800, the price has finally started to lose steam. Right now, the resistance level we are watching for Bitcoin is the $21,600 mark. It is the area that has acted as strong resistance in the recent past as well, and the bulls will have to push hard to break above it. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the short term.
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Analyzing the Charts
If we take a look at the latest 1-day charts for Bitcoin, we can see that the price is coming back down after rejecting the resistance at the $23,800 mark.
We can also see that the price has broken below $21,600, which was flipped into support almost a week ago. The current support we are watching for Bitcoin is around the $20,500 mark.
Now, we can expect Bitcoin to retest the $21,600 mark as resistance and reject it to continue towards the downside. The next level we will be eyeing in that scenario is the $19,200 mark.
The $19,200 region has acted as major support multiple times in the past, and we can expect the price to hold this level in the coming days.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $21,000 mark and is looking bearish on the lower timeframes. The price seems to be losing steam now and is dropping slowly. We can expect BTC to retest the $19,200 level once again in the coming days. The price could also drop further if the selling pressure increases. Right now, we will be interested in placing a short trade on BTC if it rejects the $21,600 region once 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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