Bitcoin (BTC) Price Analysis: Targets for the Immediate Short-Term (05-Oct)

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just below the $20,000 mark and has not moved much since our recent analysis. The price is trading above the previous strong resistance at $19,600 and is looking a little bullish at the moment. The current resistance level we are eyeing for BTC is the $20,400 mark. It is the area that has rejected the price multiple times in the past few weeks, and the sellers might try to control this area. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the immediate short-term.

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Analyzing the Charts

If we look at the latest charts, we can notice that the price rejected the $20,400 mark and is coming back to retest the $19,600 mark to confirm it as support.

If BTC sustains momentum and manages to bounce from here it is likely we will see the price break above the $20,400 mark. If that happens the next area, we will be targeting for Bitcoin is the $21,500 mark.

Once the price gets above $20,400 it is likely that the buying pressure will increase and a test of $21,500 is highly likely.

On the other hand, if the price fails to hold $19,600 as support and drops once again, the level we will be eyeing is the major support at $18,600.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is now trading out of the consolidation zone and can go either way in the immediate short-term. Right now, we are watching the $19,600 mark and the $20,400 mark closely. If the price manages to break above $20,400 and then we will likely see some short-term bullishness for Bitcoin. A test of the $21,500 zone is also likely in this scenario. However, the macro trend is still bearish so we will be treading carefully regardless.

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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