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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $20,000 mark and has not moved much in the past few days. The price is struggling to get above the resistance at $20,600 and has already rejected the level on lower timeframes. The $20,600 is a crucial level as it was previously acting as a strong support level for BTC. It is likely that the price will struggle to break above this level in the coming hours, and we will eventually see Bitcoin continue toward the downside. Let’s take a quick look at the latest BTC charts to see where the price could be headed next 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 trading within a consolidation zone below the resistance at $20,600.
The support level we are currently watching for Bitcoin on the 1-hour timeframe is the $19,600 mark. The price has bounced off this level a couple of times and has not broken below it throughout the week.
On the other hand, it is likely that the price will move out of this consolidation zone in the coming hours, and we are approaching the weekend. The next level we will be watching for Bitcoin in the scenario is the previous strong support at $19,200.
The $19,200 mark is a major support level that has deflected the price multiple times in the past couple of months. It is likely that Bitcoin will bounce from this level before it continues the downtrend.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has been trading around the $20,000 mark throughout the week and is still struggling to gain any momentum. As we approach the weekend, it is likely that the price will continue to drop for Bitcoin in the coming hours, and we will see it retest $19,200 and even lower levels in the coming hours. Right now, we will not be placing any short-term trades on Bitcoin and will be interested in accumulating more below the $19K region.
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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