What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,200 mark and is still trading within the accumulation zone on the lower timeframes. The price has been struggling to break above the $20K region for weeks now as the trading volume is also low. It is crucial for BTC to now break above $19,600 in the coming days and invite more buyers. Once the price manages to break out of this zone, we can expect Bitcoin to show some bullishness before continuing the trend toward the downside. Let’s take a quick look at the latest charts for Bitcoin to see how things are looking at the moment.
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Analyzing the 1-Week Charts
If we take a look at the 1-week charts for Bitcoin, the first thing we can notice is that the price has been stuck in the same place for over a month now.
The price is usually much more volatile on the weekly timeframe, but the market has been moving quite slowly as of late.
The support level that has been working here for Bitcoin is the $18,600 mark. It has been holding the price up nicely since mid-June.
This area is acting as strong support because it was also the top Bitcoin market in 2017. Breaking below this zone could mean further correction for Bitcoin.
On the other hand, to reverse the trend on the 1-week timeframe, BTC not only needs to break above $19,600, but it will also have to get above $25,000. Once the price starts closing the candle above this resistance, we can expect Bitcoin to gain strong bullish momentum once again.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $19,300 mark, and there is not much going on for it on the weekly timeframe. The price has been struggling to move out of the current zone and will likely not be challenging the resistance around $25,000 anytime soon. Right now, we will not be placing any short-term trades and will be looking for opportunities to accumulate more Bitcoin.
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.
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