What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $29,600 mark and has been going sideways for the past couple of days. The price is still moving within the crucial support zone between $29,000 and $30,000 which is a healthy sign for BTC. As long as the price is moving within this zone, we can expect further relief for Bitcoin in the immediate short-term. However, there does not seem to be enough buying pressure at the moment and it would not take much for bears to trigger another sell-off. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed next in the immediate short-term.
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Analyzing the Charts
If we take a quick look at the latest charts for Bitcoin, we can see that the price is facing resistance around the $31,000 mark. It is the level that has been keeping the price down for a while now. Breaking above this region could mean that the local bottom is in for Bitcoin.
We can also notice that the price has found short-term support around the $29,600 mark and is currently retesting this level.
If the price continues to hold this zone in the coming hours and breaks above $31,000 convincingly it would be quite bullish for Bitcoin.
However, if the price keeps losing steam, and does not bounce from $29,600 or $28,700, Bitcoin will continue the strong downtrend it has been following for the past several weeks now.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin has been going sideways for the past couple of days and could go either way in the immediate short-term. The price is still showing some bullish signs so we can expect a relief rally towards the $35,000 region. However, there does not seem to be enough buying pressure at the moment that suggests a big move is around the corner. The price is also forming higher-highs and lower-lows on 1-hour timeframe. It would be interesting to see if the trend continues or not.
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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