What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $20,000 mark and has been going sideways for the past few days. The crypto giant experienced a big sell-off a couple of weeks ago, and since then, the price has been struggling to gain any sort of bullish momentum. At the moment, it seems that the sellers are exhausted, and the price could go up in the immediate short term. However, the bulls still have not stepped in, and further downside movement is still on the cards. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the 1-hour charts for Bitcoin, we can see that the price is currently consolidating around the $20,000 mark. There has not been much movement on the lower timeframes, and the price has been respecting this region for the past few days.
The resistance we are currently watching for BTC is the $20,800 mark, and the support it is currently holding is the $19,800 region.
We can see that the sellers are still pushing the price towards the $20,000 mark, and buyers might not be able to hold it. BTC is also forming a head & shoulders pattern that can move the price further in the coming hours.
If this structure does play out, we can expect Bitcoin to retest the previous bottom, which is around $18,000.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently moving sideways on the lower timeframes and is struggling to gain momentum. The price is struggling to break above the $21,800 mark, and there is a decent chance it will also lose the support at $19,800 in the coming hours. We can also spot a head & shoulders pattern on the 1-hour timeframes and would wait for the price to fall before making our next move.
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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