Bitcoin (BTC) Price Analysis: A Quick Look at the 1-Day Timeframe (24-Oct)

Bitcoin (BTC) Price Analysis: A Quick Look at the 1-Day Timeframe (24-Oct)

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October 25, 2022 by keithhill530
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[ad_1] What is Bitcoin (BTC) Doing Right Now? Bitcoin is currently trading around the $19,300 mark and is still going sideways on the lower timeframes. As mentioned in our previous analyses, the price is stuck within the consolidation zone around $19,000 and has been struggling to break out for months now. The trading volume is
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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $19,300 mark and is still going sideways on the lower timeframes. As mentioned in our previous analyses, the price is stuck within the consolidation zone around $19,000 and has been struggling to break out for months now. The trading volume is also low, and the markets are not looking as volatile as usual. The trend on the macro timeframes is still bearish, but BTC will not get a move on till it breaks out of the current consolidation zone. Let’s take a quick look at the latest BTC charts to see where the price could be headed next in the coming days.

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Analyzing the 1-Day Charts

If we take a look at the latest 1-day charts for Bitcoin, we can see that the price has been facing resistance around $19,600 for the past couple of weeks and is struggling to close candles above it.

We can also notice that the price is now also staying above the $19,000 mark and has not closed any daily candles below it in the past month.

The price staying above this crucial level is a positive sign for the bulls. As soon as we see some volume flowing in around this range, we can expect Bitcoin to break above the resistance at the $19,600 mark.

The next level to watch in that scenario will be the $20,400 mark. It is also an area that has been acting as strong resistance for the past month or so.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is still going sideways and is struggling to move out of the consolidation zone. It is a good sign that the price is holding the $19,000 mark on the 1-day timeframe. If the bears fail to push the price below it, we can soon see a retest of the $20,400 mark. At the moment, we will not be interested in placing any short-term trade on Bitcoin.

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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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