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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $22,000 mark and has been going sideways on the lower timeframes since yesterday. The price has gained plenty of momentum and is looking quite bullish on the latest charts. The resistance zone we are currently watching for Bitcoin is the $22,600 region. It is an important level that BTC, as held as support in the past and getting above it, will invite more buyers. Let’s take a quick look at the latest Bitcoin charts to see where the price will be heading 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 just below the $22,600 mark and has been going sideways on the lower timeframes. The support level we are currently eyeing for Bitcoin is the $21,800 mark that was previously acting as resistance.
The $22,600 mark is significant because it is also where Bitcoin experienced a sell-off last month. If the price gets above it in the immediate short term, the next target we will be eyeing is the $23,600 mark.
On the other hand, if the price faces rejection at $22,600, it could also lose the support at $21,800. The next immediate level we will be eyeing in the scenario is the $20,500 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is finally showing some bullishness on lower timeframes and could go higher in the coming hours. However, we will still not be expecting it to move towards a higher level as the macro trend remains bearish. Right now, we will be watching the price closely and will be looking for shorting opportunities in the short term.
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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