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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $20,000 mark and is still looking bearish on most of the timeframes. The price has been struggling to gain momentum for the past couple of weeks and is now moving within a downtrend once again. As speculated in our previous analyses, we are expecting BTC to retest the previous bottom it formed around the $18K – $19K region. If we analyze the macro timeframes, we can see that the price has been moving in a downtrend for several months now. That is why we will be trading cautiously and are expecting Bitcoin to form a new bottom in the coming weeks. Let’s take a quick at the latest BTC charts to see where the price could be headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 1-hour timeframe we can see that the price is consistently dropping. It lost the support at $20,600 and after consolidating above $19,800 for a while it also broke below that mark.
The next major level we are eyeing for Bitcoin right now is the $19,200 mark. It is an important level and we have talked about its significance in our previous analyses as well.
A bounce from the $19,200 is also likely as it has acted as a major support in the recent past. However, the lower levels will still be in play even if the price bounces from this zone.
The trading volume is also dropping on the lower timeframe and we can clearly see that the bulls are struggling to regain any control.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just below the $20,000 mark and is still looking bearish in the short term. The target we are eyeing next for Bitcoin is the $19,200 mark and are expecting it to touch this level soon. This area has acted as a major support in the past and the bulls will try to push the price from this level. However, as the macro trend is still bearish, we will be treading lightly and won’t be going all in around the $19K zone.
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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