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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,200 mark and is trying to gain bullish momentum on the lower timeframes. The price has been trading below the resistance at $19,600 for days now, and the bulls are struggling to push the price above it. After the Fed announced a hike in interest rates on Wednesday, BTC did stumble a little, but the buyers are trying to take control of the market once again. The support level BTC is respecting through this consolidation phase is the $18,400 mark, and it has been holding nicely so far. 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 Charts
If we take a look at the latest 1-hour charts, we can see that the price is currently retesting the $19,600 mark and seems to be rejecting it once again.
If the bulls manage to succeed here by pushing the price above $19,600, the next target we will be eyeing for Bitcoin is the $20,500 region.
However, we will also be keeping an eye on the $20,100 mark as it could potentially act as a resistance on the micro timeframes.
On the other hand, it is more likely that we will see a rejection at $19,600, and the price will drop below $18,400 in the coming days. The next level we will be watching for BTC in that scenario is the previous bottom zone at $17,600.
The $17,600 region is an important level, and it will be interesting to see how the price reacts to it in the short term.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around $19K and has been going sideways for the past several days. We can expect the price to break in any direction in the coming days. However, it is more likely that we will see the price drop and see BTC retest the previous lows. The macro trend is still bearish, so we will not be buying any more Bitcoin as long as the price is moving within the current consolidation zone.
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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