Bitcoin (BTC) Price Analysis: Sideways Movement Continues (23-May)

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $30,500 mark and is still going sideways on the lower timeframes. The price has been consolidating for the past two weeks and there seems to be no selling pressure at the moment. However, the price is still trading within a downtrend on macro timeframes and the volume has not flown in either. We can also notice that BTC is facing resistance around the $30,800 mark and has already rejected this level several times on the lower timeframes. 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 4-hour charts, we can see that the current support we need to watch for BTC is around the $28,600 mark. The price has been bouncing back and forth between $28,600 and $30,800 and is struggling to break out of this zone.

We can also see that BTC is dealing with low trading volume which is one of the main reasons why the price is looking stagnant for the past few days.

Also, if we look closely at the 4-hour timeframe, we can notice that the price is being squeezed. Bitcoin is also forming a symmetrical triangle at the moment and could go either way in the coming hours or days.

It would be interesting to see in which direction the price goes as the volume starts to flow in the coming days.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently moving within a consolidation zone and can go either way in the immediate short-term. Right now, the price is stagnant because the volume is quite low. We would not be placing any short-term trades on BTC and will wait for it to move out of this consolidation zone. If BTC breaks any of the above-mentioned horizontal levels we will most likely see a big spike in price action.

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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