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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $23,000 mark and is still looking bullish on the lower timeframes. The price has been climbing nicely for the past few days, and we have barely seen any selling pressure. As mentioned in our previous analysis, the resistance level we are currently watching for BTC is around the $23,800 mark. Bitcoin did close yesterday under this level and seems to be consolidating under it at the moment. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the coming hours.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin we can see that the price has found support at $22,700 after facing rejection at $23,800.
This level was acting as resistance a couple of days ago, and now BTC has found some support here. However, it is likely that BTC will fall further around the $21,700 mark before it tries to retest $23,800.
There is also a decent chance that the momentum is about to shift, and the uptrend has already topped out here. If the price does drop below $22,700 in the coming hours, we will also be interested in shorting Bitcoin.
We will also be watching this crucial trendline as breaking below it would be a bearish indicator for BTC/
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading around the $23,000 mark and is still looking bullish on the lower timeframes. However, the price has been moving in an uptrend for a while now, and the bulls might be getting exhausted. If the price does not bounce from here and breaks above $23,800 aggressively in the short term, we can expect the trend to shift. We would also be interested in placing a short trade on BTC as there is a good chance that the price will be retesting the previous bottom once again.
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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