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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 around the $24,200 mark and will continue to drop in the coming days. We saw some bullishness for Bitcoin in the middle of July as it went from the $19,200 mark to $24,200. However, the bulls seem to have lost momentum, and we can expect the bearish trend to continue. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the short term.
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Analyzing the 1-Day Timeframe
If we take a look at the 1-day timeframe for Bitcoin, we can see that the price is still moving within the rising channel it’s been respecting for weeks.
The price did bounce nicely from the $19,200 mark and came up to test the top of the channel around the $24K region. We can now see that the price is coming back down after the rejection and has found some support at $22,600.
Even though the price seems to be bouncing off from $22,600, it is likely that BTC will face rejection around $23,400 or $24,200. Once that happens, the price will continue downwards to retest the bottom of the channel.
The horizontal level we will be watching in that scenario is the $20,600 mark which has held as both support and resistance in the recent past. It is also likely that the price will break below the channel and will form a new bottom.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading at around $23,000 and will likely drop further in the coming days. A retest of $24,200 is possible, but the price will like experience another rejection. If the price does break below $22,600, we will see it as a nice opportunity to short Bitcoin. Right now, we will not be placing any short-term trade and will wait for the price to make a move.
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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