Table of Contents
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the support at the $19,600 mark and is struggling to hold it on the lower timeframes. The price did jump last a little last night and reclaimed the support at $19,600. However, BTC is losing momentum, and it seems that the price will drop once again in the coming hours. Falling below $19,600 again could trigger a sell-off, and we can expect Bitcoin to retest the previous local bottom again. Let’s take a quick look at the latest BTC charts to see where the price could be headed in the coming days.
![](https://www.bitcoinsensus.com/wp-content/uploads/2022/07/btc_ta_1407_e1-1024x499.jpg)
Margin traders can trade Bitcoin and Ethereum with up to 100x leverage on ByBit. Use this link to sign up and earn a free bonus on your initial deposit
Analyzing the Charts
If the price starts closing hourly candles below the $19,600 mark, the next level we will be watching for Bitcoin is the $18,600 mark.
![](https://www.bitcoinsensus.com/wp-content/uploads/2022/07/btc_ta_1407_e2-1024x490.jpg)
The $18,600 mark has acted as support in the past, and we can expect the price to react to this level. However, if the sell-off is aggressive, we can expect Bitcoin to form a new local bottom in the coming days.
![](https://www.bitcoinsensus.com/wp-content/uploads/2022/07/btc_ta_1407_e3-1024x498.jpg)
On the other hand, if the price bounces back from this $19,600, the first resistance level we will need BTC to break is around the $20,600 mark.
![](https://www.bitcoinsensus.com/wp-content/uploads/2022/07/btc_ta_1407_e4-1024x499.jpg)
We can also notice that the price is forming higher lows on the 4-hour timeframe and is still moving within a rising channel. The price will eventually lose steam here, and we can expect BTC to break below this structure.
![](https://www.bitcoinsensus.com/wp-content/uploads/2022/07/btc_ta_1407_e5-1024x430.jpg)
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading below the $20,000 mark and has been struggling to gain momentum for over a month now. The price is still not gaining any serious bullishness and could drop further in the coming days. Right now, we will not be placing any short-term trades on Bitcoin and will wait for the price to drop so we can accumulate more BTC.
![sell](https://www.bitcoinsensus.com/wp-content/uploads/2021/07/bearish-.jpg)
Margin Trading for Beginners
If you are interested in leverage trading Bitcoin, you can go through our Margin Trading Guide to learn more about it. You can also check our list of top crypto exchanges to choose the platform that best suits your needs.
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]