Bitcoin (BTC) Price Analysis: Sideways Movement Continues (07-Jul)

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just above the $20,000 mark and is still struggling to gain momentum on the lower timeframes. As mentioned in our previous analysis, there are some bullish indicators for BTC on the 1-day charts. However, the trading volume is still quite low, and there is not enough momentum for Bitcoin to break out of this consolidation zone. The support zone we are currently watching for Bitcoin is around the $20,000 mark. Let's take a quick look at the latest Bitcoin charts to see where the price is headed in the coming hours.

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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 roaming around the $20,000 mark. The price did try to break below this level several hours ago but reclaimed it in no time.

If BTC does break below this level in the near future, the next support we will be watching for it is around the $19,000 mark.

On the other hand, if the price finally starts to gain some momentum, BTC will finally retest the strong resistance around the $21,800 mark.

We can expect this scenario to play out if the volume starts to flow in the coming hours. Right now, the trading volume is still low, and a move toward the downside is also possible.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently moving sideways and could go either way in the short term. The price is struggling to get above the $21,800 mark. If we see Bitcoin reject this level once again in the coming hours or days, we will see another move towards the downside. If that happens, we will also be interested in entering a short position. However, we will not be placing any trades right now and will wait for BTC to make a significant move.

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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