What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $29,000 mark and is trying to hold the support at $28,600. In the past few hours, it did show some bearish signs as the price fell as low as the $28,000 mark. However, as soon as the price dropped, the bulls stepped in and pushed the price back to the $29,000 mark. Right now, we can see that the horizontal support for Bitcoin is still intact. If the price starts to gain momentum here, we can finally see BTC break above that $30,800 mark. Let’s take a quick look at the latest BTC charts to see what scenarios can play out in the immediate short-term.
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Analyzing the Charts
If we take a look at the 1-hour charts, we can see that the selling volume did spike in the last few hours. The price did break below the support of $28,600 but was able to reclaim it in less than an hour.
However, we can also notice that the buying volume has started to flow as well. It would be interesting to see whether more buyers will step in in the immediate short-term or not,
If Bulls fail to hold the $28,600 mark in the coming hours, the next levels we will be eyeing are the $27,700 mark and the $26,700 mark.
On the other hand, if the price starts to gain bullish momentum here, the next resistance we will be watching after $30,800 is around the $32,000 mark.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is finally showing some signs of movement, and we can expect it to make a big move in the coming 24 hours. It is likely that the price will move out of the consolidation zone before entering the weekend. Right now, we will not be placing any short-term trades on BTC and will wait for it to break above/below the above-mentioned levels.
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