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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $20,800 mark and is looking quite bullish on the lower timeframes. The price is now trading above the resistance at $20,600 and will likely retest the major resistance around $21,800. The $21,800 mark has been acting as a strong resistance level for almost a month now, and breaking above it could invite more buyers. However, we are also entering into the weekend, and the price could lose steam by tomorrow. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the coming weeks.
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Analyzing the 1-Week Charts
If we take a look at the 1-week charts, the first thing we can notice is that the price has been going sideways for over a month now. There has not been much movement, and Bitcoin has been bouncing back and forth in the same region.
The next thing we would like to point out on the 1-week timeframe is that the price is nicely holding the $18,000 – $19,000 region.
This region has plenty of significance because it was also the market top of the 2017 bull run. The level has been holding pretty well so far, and there is also a possibility that BTC will bottom out here.
On the other hand, if the price continues to move around this region in the coming weeks, it will likely drop further. Bitcoin has been trying to gain bullish momentum on the lower timeframes but is struggling to break above that $22,000 region. If this continues, we can expect Bitcoin to drop further, and the support we will be watching in that scenario is around the $12,000 – $13,000 region.
This area has significance because it acted as strong resistance in 2019 and 2020 and will likely act as support this time. If the price does drop to this level, we will be interested in accumulating more Bitcoin.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still trading within the same region on the 1-week timeframe and could go either in the coming week. Right now, the price is looking a bit bullish on the lower timeframes, but it could also lose steam quickly. We are also entering the weekend, so the drop in volume could push the price down again. Right now, we will not be placing any short-term trades on Bitcoin and will wait for the price to move out of this zone.
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