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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the support at $19,000 and is struggling to gain bullish momentum on the lower timeframes. The price has been holding the $19,000 support nicely for the past few days, which is a good sign for BTC. The selling pressure is not as strong as it was previously, and the bulls can try to push the price up once again. However, the trading volume is still low, and an increase in volume could also push the price lower. 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 4-hour charts for Bitcoin, we can see that the current resistance it is facing is around the $20,000 mark. If the price breaks above this level in the coming hours or days, we can expect Bitcoin to regain some bullish momentum.
However, the main resistance Bitcoin needs to conquer in order to gain strong bullish momentum is the $21,800 mark. This level has been acting as strong resistance for the past month, and breaking above it could invite a lot of buyers.
On the other hand, if Bitcoin loses this support level in the coming hours, we can expect it to drop further. The level we will be watching in that scenario is the $18,000 region, where the price bottomed out earlier.
It is likely that Bitcoin will continue moving in a downtrend for a while before making a major recovery and starting the bull run once again.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $19,000 mark and could drop further in the short term. The price is still struggling to gain momentum, and the bulls are still not trying to push the price higher. Right now, we would not be looking for any long opportunities and will wait for the price to drop further before we make any moves.
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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