What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $19,000 mark and is trying to gain momentum on the micro timeframes. The price did drop to the $18,600 mark yesterday and now seems to be coming back towards the upside for a retest. The macro trend for Bitcoin is still bearish, and it is likely that the price will continue to fall in the coming days. However, we can also see some relief for BTC on the lower timeframes before it marches towards those lower levels. 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 30-minutes timeframe, we can see that the price did gain some momentum recently and got above the $19,200 mark a few hours ago. As mentioned in our previous analysis, the $19,200 mark is a crucial level and could act as resistance for BTC.
We can see at the moment that the price is currently breaking below it and could drop to $18,600 once again. However, if it manages to hold the level, we can expect Bitcoin to retest $19,600 once again.
On the other hand, if the bears start to push the price down once again in the coming hours. The next immediate level we will be watching for BTC is the $18,200 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is now trading around the $19,000 mark and could show some relief before dropping further in the coming hours. We will still not be placing any short-term trades on BTC and will be accumulating more in the coming weeks. It is likely that the price will form a new bottom in the coming days, and the bear market will continue. The first region we will be eyeing for the new bottom is the $14K-$15K area.
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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