Bitcoin (BTC) Price Analysis: Targets for the Immediate Short Term (16-May)

7:27 am, Mon, 16 May 22

Current Bitcoin Data

Dominance
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Market Cap
Volume (24h)
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1y

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.

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