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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around just below the $20,000 region and has been going sideways for the past several days. As mentioned in our previous analyses, the price is struggling to gain any momentum on the lower timeframes and could consolidate further before making a move towards the downside. The resistance we are watching here for Bitcoin is the $20,600 mark which the price could retest one more time before dropping further. On the other hand, the current support level BTC is holding is the $19,600 mark. Let’s take a quick look at the latest charts to see where the price could be headed in the short term.
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Analyzing the Monthly Charts
If we take a look at the 1-month charts for Bitcoin, the first thing we can notice is that the price dropped dramatically once it fell below the $35,000 mark. BTC did touch the levels before as well, but it was the first time since 2020 that it closed a monthly candle below the $35K region.
The next thing we can notice is the new support zone that is around the $19K region. It is an area that BTC has held strongly for months, and breaking below it could trigger another sell-off.
We can also notice that the price has basically been going sideways for more than two months now and has not made any significant moves.
We also notice that there is no major support zone below this level. If the price breaks below the $19K region on the monthly timeframe, the next region to watch will be the $14K zone.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just below the $20,000 mark, and we can see it is still in the bear market. The trend still looks bearish on the macro timeframes, and we will likely see Bitcoin drop further in the coming weeks. We will not be placing any short-term trades on Bitcoin at the moment and will be accumulating it on the spot in chunks as the price continues to drop.
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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