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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the support at $29,500 and is struggling to hold it on the lower timeframes. As mentioned in our previous analyses, the price is again trading below the $30,800 mark and could fall further in the coming hours. The $30,800 mark has acted as strong resistance in the past few weeks, and Bitcoin will need a significant push from the bulls to break above this 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 1-hour charts for Bitcoin, we can see that the price faced rejection at around $30,800 recently and is now retesting the support at $29,500.
It can be noticed that there is no buying pressure at the moment, and the price is struggling to even reach the $30,800 mark. It is likely that BTC will also fall below $29,500 in the coming hours and will retest the major support at around $28,600.
The $28,600 mark is a crucial level as it acted as major support throughout the month of May. It would be interesting to see how the price will react to this level, as it would likely not hold this time.
On the other hand, if the price does bounce back and breaks above $30,800 convincingly. The next resistance we will be eyeing is around the $32,200 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just above the support at $29,500 and is struggling to gain any momentum. Also, we are now entering the weekend, and it is likely that the price will lose the support at $29,500 in the coming hours and retest the $28,600 mark. We won’t be placing any trades in the immediate short term and will wait for the price to show a strong sign.
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