Bitcoin (BTC) Price Analysis: Strong Rejection at $20,400 (28-Sep)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the support at $18,600 and is again looking bearish on the lower timeframes. The price managed to get above the $20,000 mark yesterday but has fallen back below the resistance at $19,600 once again. As mentioned in our previous analyses, the macro trend for BTC is still bearish, and we will likely see it drop further in the coming days. The buyers have been struggling to push the price up for weeks now, and the selling pressure is continuously increasing. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the immediate short-term.
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Analyzing the Charts
If we take a look at the latest charts for Bitcoin, we can see that the price has again fallen into the consolidation zone between $19,600 and $18,600.
The $18,600 mark is also the crucial support level we will be watching for BTC in the immediate short term. It is a strong support level that has held the price nicely multiple times in the past few weeks.
It is also likely that the price will drop below $18,600 in the coming hours or days. The level has been holding strong for the past few weeks, but after the recent rejection at $20,400, it has weakened.
Once the price breaks below this level, the next area we will be eyeing for Bitcoin is the $17,600 mark.
The $17K region is the area where the price bottomed out previously. It is the lowest zone Bitcoin has touched in the last two years.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is trading back below the resistance at $19,600 and is looking bearish in the immediate short-term. Right now, we are keeping a close eye on the $18,600 mark, and as the price breaks below it, we can see another sell-off for BTC. We will also be interested in accumulating more Bitcoin as the price drops below the $17K region. It is possible that we will see new bottom for Bitcoin in the coming weeks.
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