What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading below the $24,200 mark and has started to lose bullish momentum once again on the lower timeframes. As mentioned in our previous analysis, Bitcoin needed to close the day above the $24,200 mark to flip the strong resistance into support. However, the price started to struggle once again and dropped back within the consolidation zone it has been respecting for weeks. In this article, we will take a look at the latest Bitcoin charts to see what levels can come into play next.
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Analyzing the Charts
If we take a look at the 1-hour charts, we can see that the price broke above $24,200 successfully on the micro timeframes but struggled to flip it into support. The buying pressure isn’t that strong, and we will once again be watching the $22,600 mark.
However, the first support we will be eyeing for BTC right now is the $23,400 mark. It is unlikely that the price will hold this level as Bitcoin is losing momentum, but a bounce from here is not fully out of play.
Once the price gets to $22,600, it will be interesting to see how this support holds up during the weekend. If Bitcoin does not break below this level by Monday, we might see another move towards the upside.
On the other hand, if it breaks below this important level, it is likely that the price will visit the major support at $20,600 once again.
We will also be interested in shorting BTC if it breaks below $22,600 convincingly in the coming days.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has shown some bullish momentum this week but is still struggling to break above a crucial resistance level. It is likely that the price will continue to drop in the coming days, and Bitcoin will continue the trend it has been following on the macro timeframes. We are still expecting $18,000 BTC in the coming weeks.
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