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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $28,000 mark and is still looking quite bearish at the moment. As mentioned in our previous analysis, the support we are watching for BTC right now is around the $27,000 mark. The past few days have not been great for the crypto space, and we are seeing Bitcoin and altcoins fall with no relief rallies. The $29,000 to $30,000 region has acted as major support for Bitcoin in the past. Right now, the price is trading below it which is not really a great sign for the short-term results. Let’s take a quick look at the latest BTC charts to see where the price is headed in the coming hours.
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Analyzing the 30-minutes Timeframe
If we take a look at the 30-minutes timeframe we can see that the price is bouncing from the $27,000 mark. However, it does not mean much as the support levels are consistently struggling to push the price higher over the past few days.
Bitcoin must break above the resistance around $30,000 to show any signs of bullish momentum.
It is highly unlikely that the price will test the $30,000 region in the next 3 to 4 hours. However, if the price retests the $27,000 mark and bounces once again, a retest of $30,000 would be more likely.
A double bottom will be formed in this scenario and a retest or break of the $30,000 support will be more likely technically.
On the other hand, if things keep moving at the same pace, BTC will break below $27,000 in the coming hours. The next region we will be watching for Bitcoin in that scenario is around $24,000.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is still looking quite bearish and further down movement is expected in the coming days. Things are bearish overall in the entire crypto market and the fear in the community is quite high. Right now, we would not be placing any short-term trades on Bitcoin. Instead, we would be accumulating BTC in chunks as the price falls further.
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