Bitcoin (BTC) Price Analysis: Relief for Bitcoin as it Retests $20,600 (09-Sep)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $20,600 mark and is looking quite bullish on the lower timeframes. The price was struggling to gain any momentum previously and was stuck around the $19K region for days. Right now, we can see that Bitcoin has started gaining momentum on the lower timeframes, and the bulls might try to push the price once more. The $20,600 is a crucial level and has acted as both support and resistance in the past. Let’s take a quick look at the latest BTC charts to see where the price could be headed in the coming hours.
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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 broken above the resistance we were previously watching around the $19,600 mark.
The resistance we are now eyeing for Bitcoin is the $21,600 mark, and it will be interesting to see how the price reacts to it in the coming hours. It has acted as major support and strong resistance in the past, and BTC could face another rejection here.
If the price closes a couple of 4-hour candles above this level, we can expect more bullishness from BTC in the coming days.
On the other hand, if we switch to the 1-hour timeframe, we can notice that the price made this jump after breaking out of the downward channel we highlighted yesterday.
If the price somehow manages to break above $20,600, the next target we will be aiming for Bitcoin is the $21,600 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $20,600 mark and is looking quite bullish on the lower timeframes. The resistance is strong around this region, and we can expect BTC to continue sideways movement in the immediate short-term. Remember, the macro trend is still bearish, and we can expect Bitcoin to drop to $18,600 once again over the weekend. We will not be placing any short-term trades on BTC at the moment.
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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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