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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $30,800 mark and is struggling to gain some bullish momentum on the lower timeframes. We have not seen much price movement from Bitcoin in the past month, and it has been trading within the same zone for a while now. Right now, the resistance we are watching for BTC on the lower timeframes is around $30,800. Once the price gets above this level, we can again expect Bitcoin to challenge the $31,500 mark once again. Let’s take a quick look at the 1-week charts to see where the price could be headed in the coming days.
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Analyzing the 1-week Timeframe
If we take a look at the 1-week timeframe, the first thing we can notice is that the price is moving within a falling wedge. It is a structure that Bitcoin has been respecting for several weeks now, and we have highlighted it many times in the past as well.
If we look closely at these charts, we can see that there is hope for a relief rally. The price is bouncing from the bottom of the structure and could retest the top resistance in the coming days or weeks.
On the other hand, we can also notice that the price is at the bottom of this horizontal zone that it has been respecting since Dec 2020. It would be interesting to see whether the price will hold this zone in the coming weeks or not. We will likely see wicks below this level in the near future.
Conclusion: Final Verdict on Bitcoin (BTC)
On the weekly, we can see that Bitcoin is bouncing within the structure and could show bullishness on the lower timeframes. Right now, the price is in an indecisive territory and could go either way in the coming week. We will not be placing any trades on Bitcoin at the moment and will wait for it to make a move.
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