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What is Bitcoin Doing Right Now?
Bitcoin is currently trading around the $29,500 mark and is struggling to gain any momentum on the lower timeframes. As mentioned in our previous analysis, the strong price rejection around the $31,500 mark fell below the crucial level at $30,800 once again. The rejection hints that the selling pressure might be increasing, and it would be interesting to see whether Bitcoin will fall further or form a triple bottom to retest $31,500 once again. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 15-minutes charts, we can see that the price is barely holding the support at $29,500. The price broke below this level for a short time but was able to get back above quickly. We can also notice a double bottom there, which could play out if the bulls start stepping up.
This structure could come into play if BTC manages to break above $29,700 in an hour or so. We can notice that it is the level that is currently pushing the price lower on the micro timeframes.
On the other hand, BTC Is also forming a rising channel and might keep moving within it for the next few hours. Once the price falls below this channel, we would be expecting BTC to retest the major support at $28,600.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just near the support at $29,500 and could break below it at any time. It is likely that the price will retest the $28,600 mark in the coming hours, and the momentum seems bearish at the moment. Right now, we will not be placing any short-term trades on Bitcoin and will observe the price closely.
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