Table of Contents
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $21,000 mark and has been going sideways for the past few days. The price is facing strong resistance around $21,600 and has rejected the area multiple times on the lower timeframes. Right now, Bitcoin is trying to hold the support at $20,600 but the momentum is not on its side. There is still fear in the market and the bears also look to be in control. Let’s take a quick look at the latest charts for Bitcoin to see where the price could end up in the immediate short term.
ByBit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $4,450 bonus! (Bonus may vary based on deposit amount)
Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, we can notice that the price has been struggling to break above $21,600 for a while now. There are multiple rejections around this price zone and it is unlikely that Bitcoin will break above it in the immediate short term.
The price is currently trying to bounce from the support at $20,600 but there does not seem to be enough momentum. We could see some sideways movement for Bitcoin before we see it drop below $20,000 once again.
The price level we will be watching in that scenario is the $19,800 mark. It is the area that has been holding as support nicely for the past nine days.
We can also see that this level is the 0.5 of Fibonacci from the previous local bottom. It is likely that Bitcoin will drop to this level in the immediate short term and hold it as support. We can also expect buyers to step back in around this price zone.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still struggling to gain momentum on the lower timeframes and is looking quite bearish at the moment. It is likely that the price will drop below $20,000 in the next few days and we will see sellers take control once again. Right now, we are not interested in placing any long trades on Bitcoin and will be looking for it to drop to lower levels before making any moves.
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.
PrimeXBT Covesting: Copy Trading
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.
[primexbt]
