Bitcoin is trading right now at a price that is slightly below the support level of $19,600, and the cryptocurrency is having trouble gaining momentum on the lower timeframes. Since the price rejected $22,600 the previous week, it has been moving within a downward trend, and it is likely that we will witness a continuation of that trend in the coming hours. The mark of $18,600 is the support level that our attention is currently focused on regarding BTC. It is a very important region that, in the recent past, has served as a solid support. Let's take a gander at the most recent Bitcoin price charts to get an idea of where the currency's value may be headed in the next few hours.
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Examining the Graphs and Charts
If we look at the most recent 30-minute charts for Bitcoin, we can see that the price tested the resistance at $19,600 a few hours ago, and it is doing so again right now. This is something that we can see if we take a look at the charts. The level represented by the mark of $19,600 is significant and has the potential to act as a formidable barrier in the short term.
In the event that the price is able to move higher than this significant barrier in the coming hours, the next level that we will be keeping an eye on for BTC is the mark of $20,100. A region that has been putting up a fight over the past few days, acting as a resistance.
On the other hand, it is more likely that the price will not break through the $19,600 threshold and will continue to fall in the hours to come.
In the event that the scenario described above plays out, the next support level that we will be keeping an eye on for Bitcoin is the mark of $17,600.
It will be interesting to see how the price of Bitcoin reacts to it this time around when it reaches the region around $17,600 because that is the area where it bottomed out in the past.
The Last Word on Bitcoin: Conclusion and Verdict (BTC)
Bitcoin is trading just below the resistance level of $19,600 at the moment, and it is likely that it will drop even further in the next few hours. There is a good chance that Bitcoin will reach its support level of approximately $17,600 in the near future, and it is also possible that it will break below that level. As soon as the price falls below the support level, we will be interested in purchasing additional Bitcoin over the next few days.