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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $30,000 mark and seems to be losing momentum on the lower timeframes. The price was looking quite bullish for the past couple of days, but the resistance around $32,200 is strong. Also, BTC is now trading below the crucial level of $30,800, which acted as strong resistance in May. As long as the price is trading below this level, things won’t seem much bullish for BTC. Let’s take a 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 Bitcoin charts, we can see that the price got rejected at $32,200. It has now fallen below $30,800 and is back in the consolidation zone BTC has been respecting for the past three weeks.
BTC has closed several 4-hour candles below the $30,800 mark, and the price will likely fall. Right now, the support level we will be watching for Bitcoin is the major support at $28,600.
If Bitcoin rejects the $30,800 mark in the coming hours, we will most likely retest the $28,600 mark.
On the other hand, if buyers start stepping in and the price gets back above $30,800, BTC will be challenging the $32,200 mark soon once again.
The first scenario seems more likely at the moment as we can see that the trading volume is still quite low.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has fallen below $30,800 once again, and things are not looking that bullish at the moment. Unless the price gets above the level once again, we will see Bitcoin retest the $28,600 mark, and there is a decent chance it will break below it. Also, if BTC rejects $30,800 in the coming hours, we will be interested in placing a short trade towards $28,600 for a bit of scalping.
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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