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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $21,000 mark and is still struggling to gain bullish momentum on the lower timeframes. The price is still moving within a downtrend on macro timeframes, but there does not seem to be enough selling pressure to push the price lower in the immediate short term. Right now, we can expect some sideways or even upside movement from BTC as the sellers seem exhausted. Let’s take a quick look at the latest Bitcoin charts to see where the price could be 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 BTC, we can see that the price is currently facing resistance around the $21,300 mark. Once the price gets above this level, we can expect some relief rally on micro timeframes, and BTC will likely touch the $23,000 mark next.
The new support level we will be watching for BTC on the 1-hour timeframe is around the $19,800 mark. We can see that the price has bounced twice from this level on micro timeframes and might hold it again if we see another minor drop.
On the other hand, if the sellers step in once again, the main support we will be watching for BTC will be around the $18,300 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently moving within a downtrend on macro timeframes, and things are still looking bearish in the midterm. However, it seems like the sellers are exhausted right now, and we can expect Bitcoin to go sideways and show relief in the coming days. We can also expect the price to go up in the next few days; if that happens, we will look for some shorting opportunities next.
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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