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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $19,000 mark and is looking quite bearish on the lower timeframes. The price has been struggling to gain momentum for several days now and seems to be heading towards another sell-off in the near future. The level we were watching for BTC on the lower timeframes is the $19,600 mark. The price is struggling to stay above this level on the lower timeframes, and the selling pressure seems to be increasing. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the immediate short term.
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Analyzing the 1-hour Timeframe
On the 1-hour timeframe, the resistance we were previously watching for Bitcoin was around the $20,600 mark. However, the price has now flipped the $19,600 mark into resistance, and it is the level BTC needs to break to gain some momentum.
The support level we are currently watching for Bitcoin on the 1-hour timeframe is the $18,600 mark. It is an area that has acted as support in the recent past as well, and we can expect Bitcoin to bounce from this level on the lower timeframes.
We can also notice that the trading volume is quite low and Bitcoin will continue to drop in the coming days.
On the other hand, the major resistance level we will be watching for Bitcoin is the $21,700 mark. It is an area that has been holding the price back for almost a month, and once BTC breaks above it, we can expect the bulls to push the price higher.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is looking quite bearish at the moment and could drop further in the coming days. The price has been struggling to gain significant bullish momentum for over a month. The sellers are still in control, and it is likely we will see a new bottom for Bitcoin in the coming week. We will also be interested in accumulating more Bitcoin if another sell-off is triggered around the $18,000 mark.
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