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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $20,000 mark and is struggling to gain momentum on the lower timeframes. The price has been moving in a downtrend for weeks, and the bears seem to be in control of the market. As speculated in our previous analyses, the price faced rejection just below $20,600 and is now heading towards the support at $19,800 once again. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the short-term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, we can see that the price is now dropping and heading towards the $19,800 mark. It is likely that BTC will lose this support in the short-term and will be heading towards the $19,200 region.
The $19,200 mark has plenty of significance as it has acted as strong support multiple times in recent months. It will be interesting to see how the price reacts to the crucial level this time.
We can see that this level has acted as strong support multiple times on the 1-day timeframe. Also, the volatility around this level is also possible, and the price did bottom out in the $18K region this year.
The trend on the macro-timeframes is still bearish, and if it continues, we can expect Bitcoin to form a new bottom in the coming weeks.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is now trading around the $20,000 mark and is still struggling to gain any significant momentum on the lower timeframes. We are still bearish on BTC in the short term and are expecting it to touch the $19K zone or lower levels again in the coming weeks. Once the price drops below $19,000, we will resort to dollar-cost-averaging and start accumulating more BTC.
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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