What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $44,000 mark and is still looking bullish on the lower timeframes. Right now, the price is facing some resistance around the 44,400 mark which we are expecting to break soon. Bitcoin has been on a steady rise since Friday last week and is finally trying to shift the trend. Let’s take a look at the latest bitcoin charts to see where the price is headed in the coming hours.
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Analyzing the 30-minutes Timeframe
If we take a look at the latest 30-minutes charts we can see that the support Bitcoin is currently holding is around the $42,800 mark. It is the resistance that was previously keeping the price down, but buyers are now using it to hold the price.
As mentioned in our previous analyses, our main target for Bitcoin in the next couple of days is the $46,000 mark. Once the price breaks above the $44,400 level buyers will start to step in and push the price towards the $46,000.
However, we can also face some resistance around the $45,500 mark as Bitcoin did face rejection at the level previously.
On the other hand, if we face another strong rejection at $44,400 it is likely that we will break above the $42,800 region as well. The support level we will be watching in that scenario is the $41,700 region.
The area below $41,700 is the region where the buyers stepped in the last time. We saw a lot of volumes there and it is likely that price will hold this level strongly.
Conclusion: What is Next for Bitcoin (BTC)?
Not much has changed for Bitcoin in the past few hours and we are still bullish on it in the short term. If the price does drop to $41,700 or slightly below it we will see it as a good entry point. We will be interested in placing a long position here and would be eyeing the $46,000 mark in the coming days.
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