How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $17,000 mark and is still looking bearish on the macro timeframes. It has been a tough week for the Bitcoin bulls as the price has been dropping rapidly since Monday. BTC is now trading below some crucial support levels, and we will likely see a further drop in the coming days. Right now, the support level we are watching for Bitcoin is the $15,900 mark. It will be interesting to see whether BTC will hold this support over the weekend or not. Let’s take a quick look at the latest Bitcoin Price Prediction Today (11-Nov-2022) to see where the price could be headed next.
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Analyzing the 1-Week Charts
If we take a look at the latest 1-week charts for Bitcoin, the first thing we can notice is that the price is now trading below the $18,600 mark.
The $18,600 zone is an important region as the price has been holding it quite well for the past several months. Right now, we can notice that BTC is trading below this level and if the candles close below it, we can expect further sell-off.
The current support we are watching for Bitcoin is the $15,900 mark, and BTC will break below it if it struggles to reclaim $18,600.
The next level we will be eyeing in that scenario is the $14,000 mark. It is the area where we saw Bitcoin’s top for the year 2019. We will be interested in accumulating more Bitcoin at these levels.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $17,000 mark and will likely drop further in the coming days. Right now, we will not be placing any short-term trades on Bitcoin and will monitor the price closely. We will also be buying more Bitcoin in chunks as the price continues to drop. It is quite possible that Bitcoin will visit the $14,000 region in the coming days.
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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