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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $21,000 mark and has been slowly moving towards the downside over the past few days. As highlighted in our previous analyses, the price topped around the $24,000 mark and failed to close 4-hourly candles above the $23,800 level. The rejection of this resistance level is sending the price down, and BTC could retest the previous local bottom once again. The support we were watching for Bitcoin yesterday was around the $21,600 mark. Let’s take a quick look at the latest charts to see where the price could be headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest charts, we can see that the price has already broken below the support $21,600 mark. It’s the support we were watching yesterday, and BTC has already closed a couple of 4-hour candles below it.
The $21,600 region has acted as strong resistance in the past, and breaking below could be a sign that the downtrend will continue. The immediate level we will now be watching for Bitcoin is the $20,500 mark, which has also acted as support recently.
We can also notice that the price is forming a series of lower-highs now and the downtrend now continuing towards the $18,000 region once again.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has lost bullish momentum after facing rejection around the $23,800 mark and is slowly moving towards the downside. The price did break below the last couple of supports we highlighted in our previous analyses after going sideways for a little while. If the momentum continues, we can expect further downside movement for Bitcoin and will be expecting it to retest the previous local bottom once again.
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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