What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $29,700 mark and seems to be losing momentum on the lower timeframes. As mentioned in our previous analysis, the price has fallen below the $30,800 mark, a level that has acted as a strong resistance for the past few weeks. Right now, the price seems to be struggling to gain any momentum due to low volume. There is not enough buying pressure, and the price could drop further if this continues. Let’s take a look at the latest Bitcoin charts to see where the price could be headed in the coming hours.
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Analyzing the Lower Timeframes
If we take a look at the 30-minutes timeframes for Bitcoin, we can see that the price has found some support around the $29,500 mark. The $29,500 mark has acted as both support and resistance on the lower timeframes in recent weeks, and a bounce from here is also possible.
We can also notice that the 30-minutes timeframe shows us an increase in selling pressure with several big red candles. The resistance level we will be watching for BTC in the immediate short term is around the $30,500 mark.
The $30,500 mark has recently acted as both support and resistance on the lower timeframes. Right now, the price seems to be dropping, and if Bitcoin loses the support at $29,500 in the coming hours, the next level we will be watching for Bitcoin is the major support at around $28,600.
On the other hand, if BTC breaks above $30,500, the next resistance it will be facing is around the $31,400 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading within the same zone it has been respecting for the last month. Right now, the price is trading below the $30,500 mark. As long as the price stays below this level, we can expect further downside movement for Bitcoin. Right now, a retest of $28,600 is looking likely, and it would be interesting to see how the price will react to this crucial level.
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