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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $23,000 mark and is looking quite bearish on the lower timeframes. The price jumped on Monday to retest the resistance at $24,200 but faced rejection again, as speculated. BTC has been trading within this price zone for a couple of weeks now and will likely move out in the coming days. The macro trend is still bearish for BTC, so a move towards the previous lows is still highly likely. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the short term.
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Analyzing the Charts
On the latest 4-hour charts, the major resistance we are watching for Bitcoin is still the $24,200 mark. It is the area that the price has been struggling to break for a while now, and there is not much buying around this mark.
We can also notice that the price has rejected this mark thrice in the past few weeks and has formed a triple-top pattern on the 4-hour and 1-day timeframe.
A triple-top is a bearish reversal indicator that indicates that the buyers do not have enough strength to push above a certain level.
It is likely that the price will now continue to drop in the coming days, and we will see BTC continue towards the previous lows. The current support we are watching for Bitcoin is the $22,600 mark.
Once the price breaks below $22,600, we can expect a sell-off for BTC. The price could drop rapidly, and the next major level we will be eyeing as support is the $20,600 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $23,000 mark and will likely move out of the consolidation zone in the short term. The price has rejected the $24,200 mark for the third time, and we can expect the downtrend to continue. We did short the price at the $24,200 mark and are expecting BTC to visit the $20,600 mark soon. A bullish push above $24,200 seems unlikely at the moment.
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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