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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the support at $21,700 and is still looking bullish on the lower timeframes. The price did manage to close the day above this crucial level on the 1-day timeframe, which is a good sign for BTC. The $21,700 region was holding the price back for over a month now, and breaking above it could provide a significant boost in momentum. In this price analysis article, we will take a quick look at the 1-hour timeframe for Bitcoin 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 for Bitcoin, we can see that the price did fall below $21,700 during the retest but recovered within a couple of hours. The selling pressure seems to be rising, but the bulls are holding their mark strongly.
If the trend continues, the next level we will be watching for Bitcoin is the $23,000 mark.
The $23,000 mark did act as resistance after the crash last month, and we can expect the price to test it as the next resistance level.
On the other hand, if Bitcoin ends up losing momentum and breaks below $21,700, the next level we will be watching for it is the previous support at $20,500.
The trend is still looking good on the 4-hour timeframe, and we can expect a little sideways movement here before BTC makes another move.
Conclusion: The Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $21,700 mark and could go either way in the immediate short term. The price is still hovering around this crucial level and could drop at any moment. The bulls are trying to hold the level strongly, and if more volume starts to flow, we can expect Bitcoin to get above $23,000 in the coming hours or days. Right now, we will be observing the price closely and will not be placing any short-term trades.
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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