What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $23,800 mark and is struggling to gain momentum on the lower timeframes. The price has been going sideways for the past few hours and will likely drop further in the coming hours. BTC did manage to get above the resistance at $24,200 but failed to hold it as support. Now the price is trading below it once again, and as we are entering the weekend, it is likely the price will drop to $22,600 and consolidate for a couple of days. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the coming weeks.
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Analyzing the 1-Week Charts
If we take a quick look at the 1-week charts, we can see that the price has been struggling to break above $24,200 for weeks now. It is likely that the price will finally reject this level for good and will be heading towards lower targets once again.
Once the price rejects this area on the 1-week timeframe, the next major level we will be watching for Bitcoin is the $19,200 mark. It is the level that held the price nicely a month ago, and we can expect BTC to have some reaction here.
The $19,000 region was also the market top for the 2017 bull-run and had plenty of significance. If the price starts closing weekly candles below this level. A visit to the $12,000 region will also become a strong possibility.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below $24,200 and is likely to continue towards the downside in the coming days. The price has been consolidating around this level for a while now and could break below it soon. The macro trend is still bearish, so we can expect Bitcoin to reach a new bottom in the coming weeks. A visit to the previous bottom at around the $18,000 mark looks highly likely at the moment.
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