What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $41,500 mark and is looking quite bullish in the immediate short term. As speculated in our previous analysis, BTC saw a big breakout this morning as the price finally managed to break above the $39,600 mark. The $39,600 region was acting as strong resistance for the past few days and BTC has finally managed to break above it after retesting it several times. Let’s take a look at the latest Bitcoin charts now to see where the price is headed next in the immediate short term.

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Analyzing the Charts

If we take a look at the 1-hour timeframe for Bitcoin, we can see that the price has comfortably broken above $39,600 and is now facing resistance around the $41,700 region.

We did talk about the $41,700 being the first target for BTC in our recent price analysis and the price is now taking a breather just below it. If Bitcoin does manage to break above this level in the coming hours our next immediate target would be the $42,900 mark.

Bitcoin is now trading back above the $40K mark which is a very good sign for the price. We can also see that on the 1-hour timeframe the price is now trading above all the important moving averages.

Usually, when the price starts trading above all the moving averages, we see strong bullish momentum for Bitcoin.

Conclusion: Is Bitcoin (BTC) Looking Bullish?

Bitcoin is currently looking quite bullish on the lower timeframes, and we could be heading further up in the immediate short term. The price has finally broken above the crucial resistance at $39,600 and is looking steady at the moment. Once the price gets above the $41,700 mark comfortably, we will be eyeing the $45,000 region next.

How to Trade Bitcoin (BTC)?

To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.

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