What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading at the $21,400 mark and has been going sideways for the past few days. As speculated in our Friday analysis, the price did struggle with volume over the weekend and did not make any significant moves. Right now, the resistance level we are watching for Bitcoin is around $21,600. BTC needs to get above this level with healthy volume in order to show some bullish signs in the coming days. Let’s take a quick look at the latest Bitcoin charts to see where the price could be heading in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin, we can see that the major support it is currently respecting is around $19,800.
However, the current support we will be eyeing at the moment for Bitcoin is around $20,600. It is the area where we have seen the volume flow previously. If BTC drops to this region the bulls might try to push the price above once again.
On the other hand, we can also notice that the volume is quite low and the price is struggling to break above the $21,600 resistance for a while now. It is more likely that BTC will drop to $20,600 and will fall further in the coming days after some sideways movement.
In that scenario, we can expect Bitcoin to drop to the previous bottom around the $18,000 region.
Also, here is how the volume charts are looking on the 4-hour timeframe:
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has been going sideways for the past few days and the volume is consistently dropping. The way the price has struggled to break above the resistance around $21,600 is a bearish sign for BTC. If we do not see a volume spike in the coming hours or days, we can expect another sell-off for Bitcoin. If that happens, we will be eyeing the previous local bottom for Bitcoin. It is also likely that the price will lose the previous bottom and we will see a new Bitcoin bottom in the coming week.
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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