What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the support at $19,600 and is struggling to gain momentum on the lower timeframes. The price has been moving within a downtrend since rejecting $22,600 last week, and we will likely see a continuation in the coming hours. The support level we are currently watching for BTC is the $18,600 mark. It is a crucial area and has acted as strong support in the recent past. Let’s take a quick look at the latest Bitcoin charts to see where the price could move in the coming hours.
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Analyzing the Charts
If we take a look at the latest 30-minute charts for Bitcoin, we can see that the price tested the resistance at $19,600 a few hours ago and is now doing it again. The $19,600 mark is an important level that could prove a strong resistance in the short term.
If the price manages to get above this crucial resistance in the coming hours, the next level we will be eyeing for BTC is the $20,100 mark. An area that has been acting as resistance for the past few days.
However, it is more likely that the price will reject the $19,600 mark and will drop further in the coming hours.
If that scenario does play out, then the next support level we will be eyeing for Bitcoin is the $17,600 mark.
The $17,600 region is the area where Bitcoin bottomed out previously, and it will be interesting to see how the price will react to it this time.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just below the resistance at $19,600 and will likely drop further in the coming hours. It is likely that BTC will touch the bottom at around $17,600 soon and could also break below it. Once the price breaks below the bottom, we will be interested in accumulating more Bitcoin in the coming days.
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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