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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,200 mark and has been trading within the same zone for the past few weeks. The price is struggling to gain strong momentum and has been hovering around the $19K zone for weeks. The volatility has also dropped on the lower timeframes, and the price is moving quite slowly on the hourly timeframe as well. If we take a look at the bigger picture, we can notice that the macro trend is still bearish. However, the bears are not trying to push the price lower at the moment, and we are witnessing some sideways movement. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the immediate short term.
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Analyzing the Hourly Charts
If we take a look at the latest 1-hour charts, we can see that the price was trying to break above the strong resistance at $19,600 but has failed to do so. After hovering just below the resistance level, the price is now facing rejection and is heading toward the major support at $18,600.
However, we can also notice that there is some support for Bitcoin at the $19,000 mark, and the price can also bounce from there.
As mentioned in our previous analysis, the price is forming a higher low on the 1-day timeframe. There is a good chance that the price will bounce from here and gain some bullish momentum on the lower timeframes.
If that happens, BTC might break above $19,600 and retest the next resistance at $20,400.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is currently trading around the $19,200 mark and is still going sideways on the lower timeframes. The price is quite stagnant, and both the bulls and bears are looking quiet at the moment. We expect some short-term bullishness for BTC in the coming days, but we will not be placing any risky trades now. If the price does break above $19,600 in the near future, a move toward the upside is likely.
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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