How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $16,200 mark and is still struggling to gain momentum on the lower timeframes. The price has been trading within the same zone for days now, and we expect further sideways movement in the next 24 hours. The support level we are currently watching for Bitcoin is the $15,900 mark. As long as the price is trading above this level, we can expect the sellers not to push harder. Let’s take a look at the Bitcoin Daily (21-Nov-2022) Price Prediction to see where things could be headed for the crypto giant in the coming days.
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Analyzing the Weekly Charts
If we take a look at the latest 1-week charts for Bitcoin, the first thing we can notice is that the price broke below a crucial support level earlier this month.
The $18,600 region was the previous bottom for Bitcoin on the weekly charts, and it held nicely as support for months. Now we can see that the new support BTC is holding on weekly is the $15,900 region. Bitcoin must reclaim the $18,600 level in the coming weeks to shift the trend once again.
On the other hand, if BTC continues to go sideways in the coming days and struggles to gain momentum, another sell-off is also possible. The next level we will be watching in that scenario is the $14,000 mark. It is an area of significance as Bitcoin topped out around this level in 2019.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just above the $16K mark and is looking quite bearish on the weekly timeframes. The price has been moving in a downtrend on macro timeframes for months now. There is extreme fear in the market at the moment, and it is likely that the price will crumble further in the coming weeks. We will be interested in accumulating more BTC in chunks if BTC falls below $15,900 in the short term.
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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