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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $21,000 mark and is struggling to gain momentum on the lower timeframes. The price has been trading below the $23,000 mark since the crash earlier this week. Before the crash, the price was quite stagnant, and there was not any real buying pressure that could help push the price up. Now, it is likely that we will see buyers step in after some consolidation, and it could also end up being the bottom for BTC. 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
The current resistance we are watching for BTC on the 1-hour timeframe is around the $21,400 mark. The price must stay above it to invite more buyers and push through the $22,700 mark that has been keeping the price low.
The $22,700 mark is a significant level right now, and Bitcoin could make a big move once it breaks above this level successfully.
On the other hand, the current support we are watching for BTC is around the $20,100 mark. It is the area from where the price bounced after the crash earlier this week.
Once the price breaks out of this zone, our next target would be around the $25,100 mark. It is also the 0.6 level of the Fibonacci from swing high to swing low and a likely target.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $21,000 mark and could still go either way in the immediate short term. The price dropped significantly during the crash a few days back, but it will likely consolidate here. Also, the buyers might start stepping in once the price goes above the resistance at $22,700. If that happens, we will also be interested in placing a long trade on Bitcoin for the short term.
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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