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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $23,800 mark and has hardly moved since our last price analysis. The price is still struggling to break above the resistance at $24,200, and the longer BTC stays below this level, the more selling pressure will build. Things have been pretty bullish for Bitcoin for the past ten days, but it might be headed towards a trend reversal now. Once the trend is reversed, we can expect Bitcoin to retest the $18,000-$19,000 range once again. Let’s take a quick look at the latest 1-day charts to see how the price could pan out in the coming days.
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Analyzing the Charts
If we take a look at the latest 1-day charts for Bitcoin, we can see that the price is struggling to close candles above the $24,200 mark.
We can also see that the price is currently burning a third consecutive red candle. If this candle also closes as red, we can expect the price to drop further.
The support level we are currently eyeing on the 1-day timeframe is the $22,600 mark. It has been holding well for the past three weeks, and BTC could find strong support here.
The bulls might still have a chance at this level if the price bounces with some momentum here. Otherwise, it is highly unlikely that breaking below $22,600 will trigger a sell-off towards the $20,600 mark.
The $20,600 mark is a strong support level, and the price could stay there for a while or even bounce back a little before continuing towards $18,000.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below a crucial resistance and will likely drop further in the coming days. The price has been struggling to break above $24,200 for good for a while now, and bulls are losing momentum. Right now, we will not be placing any short-term trades and will wait for the price to break below $23,600 to make our next trade.
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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