What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading below the $24,200 mark and is dropping rapidly on the lower timeframes. We saw some bullishness for Bitcoin this weekend as it touched the $25,000 mark. However, the price faced rejection around this region and is now heading towards the downside once again. As mentioned in our previous analyses, it is likely that BTC will continue to move towards the downside in the coming weeks and will likely retest the previous lows. Let’s take a quick look at the latest Bitcoin charts to see where the price could head next in the immediate short term.

Bybit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $4,450 bonus! (Bonus may vary based on deposit amount)

[bybit]

Analyzing the Charts

If we take a look at the latest 1-hour charts for Bitcoin, we can notice a big red candle that Bitcoin closed an hour ago. A drop like this indicates strong rejection, and it is likely that BTC will continue to fall in the coming hours.

The important level we are watching here for Bitcoin is the $24,200 mark. It is a level that was acting as support during the weekend, and breaking below it will flip it into strong resistance once again.

If the price starts closing multiple 1-hour candles below this level, we will likely see another rapid drop for BTC in the near future. The next support we will be watching for BTC in that scenario is the $22,600 mark.

On the other hand, if the price manages to bounce back from here, our next bullish target for Bitcoin will be the $26,400 mark.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading just below the $24,200 mark and is again looking bearish on the lower timeframes. The price had a bullish weekend, but it is now losing momentum. It is likely that we will see BTC fall further in the coming hours, and it will be testing the $22,600 mark. Right now, we will not be placing any short-term trade and will wait for a confirmation before short BTC.

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.

PrimeXBT Covesting: Copy Trading

Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.

[primexbt]