What Kind of Activity Is Bitcoin (BTC) Currently Experiencing?
Bitcoin is trading right now just below the resistance level of $20,600, and it is displaying some bullishness on the lower timeframes. This could be a bullish sign for the cryptocurrency. Yesterday, the price was able to recover after falling below the $19,800 threshold, and it is currently retesting a significant level that is acting as resistance. The price is likely going to turn this level of support into resistance if it retests it here at $20,600, which previously served as a significant point of support for the market. However, the price may also break above this level in the next hours and retest the zone above before it restarts its downward trend. This might happen at any time. Let’s take a quick glance at the most recent Bitcoin charts to get an idea of where the price might be headed in the immediate short term.
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Performing an Examination of the Charts
On the most recent charts for 1 hour time frames, the level at which we are keeping a close eye on for Bitcoin is the mark of $20,600. There is a good chance that the price will be rebuffed here, which would likely result in the continuation of the current downward trend. In the event that this scenario plays out, the key level that we will be keeping an eye on for Bitcoin is the $19,200 mark.
On the other side, if the bulls are successful in breaking through $20,600, we can anticipate further price increases in the immediate future. In the event that this scenario plays out, the next important level to keep an eye on will be the 21,000 dollar mark, which has previously served as support.
Additionally, we are able to observe that the region around $21,000 corresponds to the 0.618 point of the Fibonacci sequence when calculated from the swing-high to the swing-low. A second attempt at reaching this benchmark is also likely to take place before Bitcoin is met with significant resistance and the trend of falling prices continues.
The Concluding Statement Regarding Bitcoin (BTC)
Bitcoin is selling at a price that is currently slightly below the $20,600 level, and most of the periods continue to point to a pessimistic outlook for the cryptocurrency. In the short run, it is reasonable to anticipate that the price will touch $21,000; however, it is highly possible that the price will encounter resistance close to this level. In the following days, we have our sights set on the $19,200 mark as the primary objective we are looking to achieve. It was the previous big support from which we saw the price bounce, and it will be fascinating to see how BTC reacts to it this time.
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