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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $30,600 mark and is showing some bullish signs on the lower timeframes. The price has been going sideways for the past few weeks, and the trading volume has stayed low throughout. BTC went through some major corrections in the past couple of months, and with the selling pressure, diminishing things have gone quiet. However, it is likely that we will see Bitcoin move out of this consolidation zone this week. 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 latest 1-hour charts for Bitcoin, we can see that the price is still bouncing between $30,800 and $28,600. However, we can also notice that the price is breaking out right now, and the buyers did step in when the $28,600 mark was retested.
The resistance Bitcoin is facing here is around the $30,800 mark. If Bitcoin manages to break above this level, the next target we will be eyeing in the immediate short term is around $32,000.
It is highly likely that once the price gets above $30,800, more buyers will start stepping in, and we will see a relief rally for Bitcoin.
On the other hand, if the price fails to break above this level again, the selling pressure will start building up.
We can also see some big green candles on the 4-hour timeframe, which is a positive indicator for the short-term price movement.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin has been moving within the above-highlighted consolidation zone for quite some time now. It is likely that the price will move out of the consolidation zone this week, and BTC can make a big move in either direction. Right now, we are watching the resistance at $30,800 closely, and if BTC manages to break above it convincingly, we would be interested in placing a long trade on Bitcoin.
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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