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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $21,000 region and is looking quite bullish on the lower timeframes. The price gained strong momentum yesterday when it was consolidating around the $19,200 mark and had been looking quite bullish since. Right now, the major level we are eyeing for Bitcoin is the $20,600 mark. It is an important area that has held as both support and resistance in the past. If the price flips this level into support in the coming hours, we can expect BTC to continue this bullish momentum in the short term. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next.
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Analyzing the 1-Day Timeframe
If we take a look at the latest 1-day timeframe for Bitcoin, we can see that the price bounced strongly from the support at $18,600 and also broke through the resistance at $19,600.
The next important level we are now watching for BTC is the $20,600 mark. It is an area that has acted as strong support in the past, and the bulls will have to push hard to break above it.
We can see that the price is currently trading above this level, but BTC must close a daily candle above it to flip it into support. If that happens, the next resistance to watch for BTC will be the $21,600 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $21,000 mark and is currently looking bullish on lower timeframes. As we enter the weekend, we will likely see some sideways or downward movement for BTC in the coming hours. Right now, we will not be placing any trade on BTC and will be watching the above-mentioned levels closely.
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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