Bitcoin (BTC) Price Analysis: Sideways Movement Continues (29-Sep)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the support at $19,600 and is still moving within the consolidation zone. The price has been struggling to move out of this zone for over a week now and is going back and forth between the $19,600 and $18,600 mark. We did see BTC break above $19,600 for a while the day before yesterday, but the bulls weren’t able to sustain the momentum. However, it is likely that the price will move out of this zone by the end of the week. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the immediate short-term.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can see that the price is currently retesting the $19,600 mark and is trying to break above it.
The $19,600 mark has been acting as strong resistance as of late, and bulls will have to push harder to get above this level. The volume has not been too healthy as of late, so we can expect another rejection here.
However, if Bitcoin manages to break above this level, the next resistance we will be eyeing is the previous rejection area at $20,400.
On the other hand, if the price rejects $19,600 once again and continues to fall, the price will drop to the support at $18,600 once again.
The next target we will be eyeing in that scenario is the $17,600 mark. It is the region where the price bottomed out previously.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin has not made any major moves lately and has struggled to gain momentum over the past few weeks. The macro trend is still bearish, and we can also see its continuation on the lower timeframe in the coming days. Right now, we will not be placing any short-term trades on BTC and will be watching the price closely. If the price does visit the bottom levels, we will start accumulating more Bitcoin in chunks.
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