Table of Contents
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around $33,200 and is looking quite bearish in the immediate short term. The price has been declining consistently and it doesn’t seem like we are at the bottom yet. However, a relief rally for BTC can be expected on the lower timeframes before it moves towards the $30,000 level. Let’s take a look at the latest BTC charts to see where the price is headed in the immediate short term.
You can trade Bitcoin with leverage on Bybit. By using our link, you can get up to a $4,100 bonus. (Bonus may vary based on the deposit amount
Analyzing the Lower Timeframes
If we take a look at the latest Bitcoin charts, we can see that it has broken below the support it was holding on the 1-hour timeframe. The price is now trading below $34,400 and seems to have found new support at $33,000.
The $33,000 mark level is a crucial level as it has acted as strong support in the past. When the price fell below $35,000 last time in July of 2021, this level acted as strong support on lower timeframes.
If the price does bounces back from here for a relief rally, the resistance we will be watching for Bitcoin is the $36,000 mark.
If BTC does come to challenge the $36,000 mark in the coming hours or days, it is likely that the price will face rejection there. When that happens BTC might start another downtrend towards the crucial level of $30,000.
We will also be interested in placing a short trade on Bitcoin if the price does reject the $36,000 level in the near future.
Conclusion: The Final Verdict on Bitcoin
Bitcoin is currently trading around the $33,000 mark and could head lower in the coming days. It is likely that we will see a bounce from this level in the coming hours before heading lower. The main support level we need to watch for Bitcoin now is the $30,000 region. If the price drops below it, we might retest the lower $20,000 levels once again.
Margin Trading for Beginners
If you are interested in leverage trading Bitcoin, you can go through our Margin Trading Guide to learn more about it. You can also check our list of top crypto exchanges to choose the platform that best suits your needs.
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]
