What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,000 mark and is struggling to gain momentum on the lower timeframes. The price fell below the support at $19,600 yesterday and is still moving in a downtrend on most of the timeframes. As mentioned in our previous analysis, the support level we are currently eyeing for Bitcoin is the $18,600 mark. It is a crucial level that has acted as decent support in the past. 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.
Margin traders can trade Bitcoin and Ethereum with up to 100x leverage on Bybit. Use this link to sign up and earn a free bonus on your initial deposit.
Claim up to $4450 in Bonus
Analyzing the Charts
If we take a look at the latest 1-hour charts, we can see that the price broke below the support at $18,600 for a few hours but is now trading back above it.
Now we can see that the price is gaining some momentum and is heading back towards the $19,600 mark. It is likely BTC will retest this level before it breaks below $18,600 in the coming hours.
On the other hand, if the price manages to get above $19,600, the main resistance we will be watching for Bitcoin next is the $20,100 mark.
However, it is likely that the price will break below the support at $18,600 soon, and we will see the downtrend continue. The next target we will be eyeing for BTC in that scenario is the $17,600 region.
The $17,600 is the previous bottom for Bitcoin, and it will be interesting to see how the price will react to it this time.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is now trading above $18,600 and will likely retest the resistance at $19,600 soon. The price is still moving in a downtrend, and we can expect it to drop further in the coming hours and days. Right now, we will only be interested in accumulating more Bitcoin once the price drops below the bottom at $17,600.
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.
PrimeXBT Covesting: Copy Trading
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.
Claim up to $7000 in Bonus
Recommended Bitcoin Trading Platforms:
