Bitcoin's price is hovering around $18,500 at the moment, and the asset's price action on lesser timeframes continues to seem gloomy. Last week, the price met with significant resistance at $22,600, and it has continued to fall since then. Bears continue to exert a dominant position in the market despite repeated attempts by bulls over the past few months to reverse the trend. These attempts were unsuccessful. The price of bitcoin is currently trading below the significant level of 18,600 dollars, which was the support level that we had been monitoring previously. Let's take a gander at the most recent Bitcoin price charts to get a better idea of where the price is going in the immediate short-term.

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Examining the Graphs and Charts

If we take a look at the most recent charts for Bitcoin, we can see that after some movement in a sideways direction, the price broke below the previous support at $19,600 and dropped quickly.

The level of resistance that we had been keeping an eye on for BTC was the mark of $21,100, and we can see that the price was strongly rejected there the day before yesterday.

The level of $20,100 will continue to serve as the primary barrier that we will be monitoring over the next few days. We will see a reversal in the trend of Bitcoin if the price is able to break above this level in the short term.
On the other hand, if Bitcoin manages to close multiple candles at a price that is lower than the mark of $18,600, the price will continue to fall. The mark of $17,600 is the next target that we will be keeping an eye on for Bitcoin's price. It is the region in which the price previously formed the bottom, and it would be interesting to see how the price reacts to it now that it is in that region.

The Conclusion and Final Verdict Regarding Bitcoin (BTC)

Bitcoin is trading right at the threshold of $18,600, but the lower timeframes continue to point to a bearish outlook for the cryptocurrency. It is highly likely that the price will now retest the support level around $17,000, and it is also possible that it will fall even further. Since the broad market trend is still bearish, we can also anticipate that the price will establish a new low within the next few days. We are not going to engage in any short-term trades involving BTC at this time and will instead wait for the price to break down below the previous bottom.