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How is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $23,000 mark and has been going sideways for the past couple of days. The price still has not lost the bullish momentum on the lower timeframes and could be gearing up for another move in the coming days. However, Bitcoin is also facing strong resistance around the $23,800 mark and could show a big rejection here. If that happens, the trend will shift, and we will see BTC heading below $20,000 once again. Let’s take a quick look at the latest Bitcoin charts to identify the levels we are watching for it 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 currently consolidating after rejecting the $23,800 mark.
The price has climbed rapidly in the past few days, and consolidation here is healthy for price action. If Bitcoin accumulates nicely here and we see the bulls push again, we can expect Bitcoin to break above $23,800 in the coming days. The first target we will be eyeing in that scenario is the $26,800 mark.
The $23,800 mark is a crucial support level, and if BTC manages to close a daily candle above it, a breakout is imminent.
On the other hand, another rejection of $23,800 is also highly likely on the retest. BTC has been going up on the lower timeframes for several days now, but the macro trend is still bearish. Another rejection here could shift the trend once again. The first level we will be watching for BTC in case of rejection is the $21,600 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $23,000 mark and could go either way in the short term. We are also entering the weekend, so it is highly likely that the price will move towards the downside. Right now, we will not be placing any short-term trades on BTC and will wait for the price breakout of this consolidation zone.
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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