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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $20,000 mark and is still struggling to gain bullish momentum on the lower timeframes. The price did reclaim the support at $19,600 today but is returning to retest it and could drop below again. The trading volume is still quite low, and the price is struggling to break above the crucial resistance levels. The bulls are still not pushing the market, and we can expect further correction for BTC before it starts moving in an uptrend again. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the 30-minutes charts for Bitcoin, we can see that the price was forming a rising wedge and has broken below it.
Bitcoin managed to get above $19,600 once again with a little momentum several hours ago. However, the volume is still low, and there is not enough buying pressure yet to push the price above. If BTC drops below $19,600 once again, the next level we will be watching for it is the $18,600 mark.
The $18,600 mark has held nicely in the recent past, and we can expect the price to find some support there.
On the other hand, if this rising wedge is invalidated and Bitcoin manages to get above $20,600 in the coming hours, then we will see BTC retest a major resistance once again.
The $21,700 region has been acting as a major resistance for weeks now, and it is the level BTC needs to overcome to turn bullish in the short term.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is struggling to gain bullish momentum on the lower timeframes but is also holding the support. The trading volume is still low, which indicates that the price might drop further in the near future. Right now, we will not be placing any short-term trades on Bitcoin and will monitor the price closely. We will also be interested in accumulating more Bitcoin if it drops below the previous local bottom.
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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