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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is still trading below the resistance at $21,600 and has not made any significant moves in the past few days. The price is consolidating above the support at $20,600 and could stay within the same zone for a while. BTC is now moving in a downtrend on most of the timeframes, and we can also expect it to retest the previous bottom in the coming days. A relief towards the $22,600 mark is also possible, but a strong rejection at that level is also highly likely. Let’s take a quick look at the latest 1-hour charts for Bitcoin to see where the price could be headed in the short term.
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Analyzing the Charts
If we look at the latest 1-day charts for Bitcoin, we can see that the price is currently holding the support at $20,600.
This level is significant because it acted as support during the previous sell-off, and the price managed to bounce successfully.
We can also notice that this level is the 0.618 zone of Fibonacci numbers from the previous local bottom. We highlighted this in our previous analyses as well.
Once the price breaks below this level, the next major support we will be eyeing for Bitcoin is the $19,200 region.
As we can see, the $19,200 mark has been held as support on multiple occasions in the past, and it will be the last major level we will be eyeing before the price forms a new bottom.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $21,000 mark and has not moved much in the past few days. The support it needs to hold on the lower timeframes right now is the $20,600 mark. A little relief rally towards $22,600 is not off the table, but the next major target we are eyeing for BTC is still the $19,200 mark. We will start accumulating more BTC once it gets to $19,000 and lower levels.
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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