Where is Bitcoin (BTC) Standing?
As we discussed in our last price analysis blog, Bitcoin is still looking bearish overall and is headed towards the $30,000 region. It is currently trading around an important support region of $32,600 and looking to break below it.
If Bitcoin closes a couple of candles below this support on the 4h-chart, the price could drop rapidly.
The selling pressure in the market is now increasing. Bears are not aiming for certain targets now and are already selling.
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Analyzing the 1-hr Time frame
If we analyze the 1-hr time frame, we can see that Bitcoin’s price is dropping hour by hour. However, the price is also moving within a downward channel. This means that we might see a temporary spike towards the upside before falling again.
The key level to watch here is the $32,600 region again. If we start closing more candles below this region, this structure could break towards the downside.
If that happens, we will fall to the $30,000 region and might stay there for a bit before the price rally’s again. We might also be interested in buying more Bitcoin in this range.
We also saw a spike in selling volume in the last couple of hours which is also a bearish sign. Bitcoin is already struggling with trading volumes. If the sell volumes keep on increasing, we could be heading towards a bear market.
Conclusion: Where is Bitcoin Headed?
Bitcoin is currently looking bearish, and a move towards the $30,000 region is looking imminent. However, on the hourly time frame, we might see another price spike before we move towards our bearish targets.
Also, there is some FUD around Bitcoin in the news these days, which is also one of the main reasons behind the price drop.
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