What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $23,300 mark and is losing momentum on the lower timeframes. The price is now trading below the support at $23,600 and could drop further in the coming hours. As mentioned in our previous analyses, BTC has been trading in the same price zone for weeks, and we expect it to make a big move in the coming days. Once the price breaks out of the $22,600 to $24,200 zone convincingly, we will have a trend confirmation for Bitcoin. Let’s take a quick look at the latest BTC charts to see how the price could behave in the short term.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can see that the price is currently trading below $23,600 and is heading towards the support level at $22,600.
The $22,600 mark has been holding the price up for the past three weeks, and it will be interesting to see how the price reacts to it this time.
We can also notice that the price is currently forming a rising wedge on the 4-hour timeframe and could soon break below it.
If this rising wedge does play out in the coming hours or days, we can expect another sell-off for Bitcoin. Our breakdown target for this structure will be around the $20,600 mark, which has also acted as strong support in the past.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is now trading below the $23,600 mark and has started exhibiting bearish signs on the lower timeframes. The important level we are watching right now is the $22,600 mark, as the price will likely test it in the coming hours. It will be interesting to see how the price reacts to this level. Breaking below $22,600 can trigger another sell-off for Bitcoin. We will be observing the price closely at the moment.
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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