Table of Contents
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $21,000 mark and is still looking bearish on the lower timeframes. The price broke below the crucial support at $22,600 a few days ago and has been going sideways since. BTC was facing major resistance around $24,200 for weeks as it faced multiple rejections around this price point. The move towards $20,600 was always a high possibility, and the price could also drop further in the coming days. Let’s take a quick look at the latest Bitcoin charts to see how things might turn out in the short term.
Bybit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $4,450 bonus! (Bonus may vary based on deposit amount)
Analyzing the Charts
If we take a look at the latest charts for Bitcoin, we can see that the price is currently consolidating above $20,600 on the 1-hour timeframe.
The resistance we are watching here is around the $21,600 mark, and it has been keeping the price low for the past few days.
We can also notice that Bitcoin has found some support at $20,800 but we will still be considering the $20,600 mark as the main support level because of its significance in the recent past.
The market is now moving in a downtrend, and the momentum is still bearish. If the price continues to move in this direction, then the next major support we will be watching in the coming days is the $19,200 mark.
The $19,200 region has acted as strong support in the past, and we can expect the price to bounce for a little relief from here in the coming days.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $21,000 mark and is still looking bearish in the short term. The price seems to be heading towards the previous bottom, and we can expect the macro trend to continue. We did close our short position around the $20,800 mark but are still expecting the price to drop further in the coming days. Bitcoin could be headed towards a new bottom in the coming weeks.
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.
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]
