Just What Is Bitcoin (BTC) Doing Now?
Currently, Bitcoin can be purchased for slightly more than $20,000, and its price has been fluctuating within a somewhat tight range since yesterday. Currently, the price is consolidating below the $20,600 resistance level and is having trouble breaking above it. We anticipate significant price drops in BTC over the next few weeks as the macro trend remains adverse. On the smaller time frames, however, bullishness is more likely, and a retest of higher levels is possible before the price drops even further. To get a sense of where Bitcoin’s price might be headed in the near future, let’s take a look at the most recent charts.
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Checking the Numbers
A review of the most recent 1-hour Bitcoin data reveals that the price has been consolidating for the past few days.
Upon breaking out of this range, BTC is anticipated to have a large, bearish price drop. In the event of a convincing breakdown below $19,800 in the next few hours, our immediate short-term focus will shift to the $19,200 level.
Since that price range has provided substantial prior support for Bitcoin, it carries a great deal of symbolic weight. This area is expected to act as a floor for the price before it resumes its downward trend.
If the price is able to break out decisively over $20,600, then the next significant resistance we will be watching is the $20,800 level.
The previous time the price dropped below $20,600 there was a significant increase in trading volume, making a bullish scenario seem unlikely.
Putting It All Together: Where Does Bitcoin (BTC) Go From Here?
Bitcoin’s price is hovering around $20,000, and it’s expected to fall even lower in the days ahead. BTC is in a decline, and we anticipate it will shortly return to its prior low. In addition, Bitcoin is likely to make fresh lows on the macro timeframes in the next weeks. We see this as a buying opportunity and hope to add to our Bitcoin holdings while prices are low.
A Guide to Buying and Selling Bitcoin (BTC).
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