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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $23,000 mark and has not moved much in the last 24 hours. The price has been moving slowly since BTC faced rejection around the $24,200 mark and could make a big move in the near future. The main resistance we are watching for Bitcoin is the $24,200 mark. If it manages to get above it in the short term, we can expect the uptrend to continue. In this article, we will take a quick look at the 1-hour timeframes to identify the levels we are currently watching for BTC in the immediate short term.
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Analyzing the Charts
The support level we are currently watching for Bitcoin on the 1-hour timeframe is the $22,600 mark. It is the level that has acted as both support and resistance in the recent past.
Right now, the price seems to be bouncing from $22,600 and is headed upwards once again to challenge the resistance levels.
The current level we are watching for Bitcoin as resistance on the 1-hour timeframe is the $23,400 mark. It will be interesting to see how the price reacts to this level in the coming hours.
Breaking above this level will be quite bullish for Bitcoin because it will also likely break above $24,200 if we see price gain momentum here.
However, it is likely that it will face rejection here, and the next support level we will be watching for Bitcoin after $22,600 is the $20,600 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin may be struggling to gain bullish momentum on lower timeframes, but it is also not getting pushed down. The price has been moving around $23,000 for a few days now, and we can expect it to move out of this zone soon. It is likely that the downward movement will continue in the coming days, and Bitcoin will follow the trend it is following on the macro timeframes. At the moment, we will not be placing any short-term trades on Bitcoin unless the price drops below the current support convincingly.
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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