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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $19,800 mark and has been going sideways for the past several days. The price is facing strong resistance around the $20,600 mark and is struggling to gain momentum on the lower timeframes as well. On the other hand, the macro trend is still bearish, and we are expecting Bitcoin to touch lower levels in the coming weeks. After some sideways movement on lower timeframes, we can expect the price to drop below the $19K region in the coming days. Let’s take a quick look at the latest BTC 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 latest Bitcoin charts, we can see that the price is currently going sideways. We can also notice it has found temporary support for around $19,600 and has bounced off it a couple of times.
The resistance we are watching is still the $20,600 mark, and after a couple of rejections, it is likely that we will see the price touch the $19,200 region.
The $19,200 mark is an important level, and we can expect it to hold well in the coming weeks. Bitcoin has used this level as strong support previously, and last time we did see a solid bullish bounce from this level.
On the other hand, if the price does get above 20,600 in the coming hours, the immediate resistance we will be eyeing next is the $21,000 mark.
If the price manages to get to the $21,000 mark, it will likely face rejection around this area.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just below the $20,000 mark and will likely drop further in the coming days. The price is moving in a downtrend, and we are expecting BTC to retest the previous bottom soon. It is also likely that Bitcoin will create new lows on the bigger timeframes in the coming weeks. We will consider it an opportunity and be interested in accumulating more Bitcoin at these lower levels.
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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