Bitcoin (BTC) Price Analysis: Sideways Movement Continues (16-Aug)

7:49 am, Tue, 16 August 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $24,000 mark and has been going sideways since yesterday. The price broke below the support at $24,200 and is struggling to reclaim it once again. The bulls are struggling to push the price on the lower timeframes, but there is not much selling pressure either at the moment. If BTC manages to reclaim $24,200 successfully in the coming hours, things will start looking bullish once again. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the immediate short term.

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Analyzing the Charts

If we take a look at the latest 1-hour charts, we can see that Bitcoin has barely moved in the past 24 hours. The price is still trading just under the support at $24,200 and could flip it anytime. The current support we are watching for BTC is the $23,600 level.

Both these levels have plenty of significance as they will decide in which direction the trend will move in the short term. If the price manages to break above in the coming hours, the next immediate resistance we will be watching is the $25,000 mark.

The $25,000 mark is the region where the price faced strong rejection yesterday. It will likely act as resistance once again.

On the other hand, if the price breaks below $23,600, the trend will reverse, and BTC will start moving towards lower targets once again. The first level we will be watching in that scenario is the $22,600 mark.

Conclusion: What is Next for Bitcoin (BTC)?

Bitcoin is currently trading below a crucial resistance level and could go either way in the immediate short term. The price is struggling to hold the uptrend, and it is likely that Bitcoin will be moving towards the lower targets once again. Right now, we will not be placing any short-term trades on BTC and will wait for it to move out of the current price zone.

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