Short-Term Bitcoin Analysis and Commentary! Can it Trigger an Uptrend?

• What does Bitcoin need to start its upward movement?
• Will it be able to rise above the level of $26,700?
• If the support level of $26,100 is broken downwards, what will be the target for the decline?

Will Bitcoin continue its downward movement? How can Bitcoin move today? Current Bitcoin analysis!

Short-Term Bitcoin Price Analysis!

Short-Term Bitcoin Price Chart Source: TradingView

When we examine the short-term price chart of Bitcoin, we see that it has risen to the levels of $26,367 by encountering purchases from the important support area of $26,100 in a short period of time.

Bitcoin price can continue its upward movement up to the level of $26,700 as long as it makes 15-minute candlestick closes above the mentioned support of $26,100 in the analysis.

If Bitcoin price makes a movement as shown by the green lines in the analysis, its next target will be the level of $27,100.

For Bitcoin to make a movement like the green lines mentioned in the analysis, it needs to make 2-hour candlestick closes above the level of $26,700.

Can the Downward Movement Continue?

When we examine the Bitcoin price, the probability of downward movements continuing is high in the big trend chart.

Bitcoin price may want to continue its upward movement if it manages to hold onto the support of $26,100 in a short period of time. However, if Bitcoin price makes hourly candlestick closes below the support of $26,100, it can realize the downward movement up to the levels of $25,660.