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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $23,000 mark and has been going sideways for the past few days. As mentioned in our previous analyses, the price faced rejection at the $24,200 mark, but it has not moved much since then. The price continues to hold the support around $22,600 and is consolidating on the lower timeframes. Once BTC moves out of this price zone, we can expect the price to make a significant move in either direction. 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
If we look at the latest 1-hour charts, we can see that the price is currently holding the support at $22,600. The current resistance we are watching for Bitcoin is around the $23,400 mark. Once the price gets above this level, we can expect more buyers to step in.
The main resistance to the eye here is still the $24,200 mark. Bitcoin will have to break above this level convincingly to start gaining bullish momentum once again.
On the other hand, we are still expecting the price to drop after some consolidation here. The next level we are watching for Bitcoin in that scenario is the major support at $20,600.
The $20,600 mark has acted as both support and resistance in the recent past, and we can expect it to hold nicely. A quick sell-off here is also possible if the price starts closing candles below $22,600.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $23,000 mark and has been going sideways for the past few days. The price is still struggling to gain momentum on the lower timeframes, and we can expect it to drop further in the short term. Right now, we will not be placing any short-term trades on BTC and will wait for the price to drop below the $22,600 mark.
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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