Bitcoin (BTC) Price Analysis: Still Trading Below $20,400

Bitcoin (BTC) Price Analysis: Still Trading Below $20,400

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October 7, 2022 by keithhill530
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[ad_1] What is Bitcoin (BTC) Doing Right Now? Bitcoin is currently trading below the resistance at $20,400 and has been going sideways for the past couple of days. The price is finally trading above the resistance at $19,600, and the buyers are now looking to gain more momentum. The $19,600 mark is also the new
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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading below the resistance at $20,400 and has been going sideways for the past couple of days. The price is finally trading above the resistance at $19,600, and the buyers are now looking to gain more momentum. The $19,600 mark is also the new support we are watching for Bitcoin on the lower timeframes. We are expecting the price to hold this level in the short term and show some sideways movement before making another move. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed in the immediate short term.

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Analyzing the Charts

If we take a look at the latest 1-hour charts for Bitcoin, the first thing we can notice is that the price has rejected the resistance at $20,400 twice already.

While there is some selling pressure around this level, it does not necessarily mean we will see Bitcoin drop again. Consolidation is also likely here, and BTC could stay here for a few days before breaking out towards the upside.

The next target we will be eyeing in that scenario is the $21,500 mark. A region that has acted as resistance in the past as well.

On the other hand, if the price fails to hold $19,600 and drops below it once again, then the bearish trend for BTC will continue. The next level we will be watching in that scenario is the previous major support at the $18,600 mark.

Conclusion: What is Next for Bitcoin (BTC)?

Bitcoin is currently trading around the $20,000 mark and has been going sideways for the past couple of days. The macro trend is still bearish for BTC, which is why the price has been moving slowly for the past several weeks. Right now, we are watching the resistance at $20,400 closely. If Bitcoin manages to break above this level, the bulls will gain significant momentum. However, the lower levels are also still in play, and further downside movement is also possible.

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