Bitcoin (BTC) Price Analysis: Slow Movement Continues (11-Oct)

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $19,000 mark and has not moved much in the past few days. The price has been moving slowly after dropping below the $19,600 mark and has not shown any volatility. As mentioned in our previous analysis, Bitcoin has been hovering around the $19K to $20K region for weeks. It is struggling to gain momentum and is stuck within the consolidation zone. As long as the price is trading within this zone, we can expect Bitcoin to continue to lose momentum. Let’s take a quick look at the latest BTC charts to see where the price could be headed next in the coming days.

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Analyzing the Charts

The latest levels we are watching for Bitcoin right now on the lower timeframes are the $19,600 and the $19,000 mark. The $19,600 mark is the resistance level Bitcoin has been dealing with for the past few weeks, and the $19,000 mark is the newfound support.

We can notice that the price has slowly moved towards the $19,000 mark after facing rejection at $19,600. It is currently testing the area as support and could bounce back from here to break the resistance above.

However, if the price drops below and starts closing 4-hour candles below this support, we can expect Bitcoin to retest the major support at $18,600.

On the other hand, if the price does bounce successfully and breaks above $19,600, the next level we will be eyeing for Bitcoin is the $20,400 mark.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading around the $19,000 mark and is still looking the same as it was looking a few days ago. Things have been on the slower side for BTC, and we have not seen significant movement in the past few weeks. Right now, we are watching the price closely and would like to see it break above the $20,400 mark. If that happens, we can have some bullish days for BTC in the near future.

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