Bitcoin (BTC) Price Analysis: A Quick Look at the 1-Day Charts (07-Feb)

2:24 pm, Mon, 7 February 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $42,700 mark and is looking quite bullish in the short term. The price managed to break above a significant resistance just below $39,000 on Friday and is still carrying the momentum. The next target we are eyeing for Bitcoin in the immediate short term is the $43,600 mark. It is a crucial level, and it would be interesting to see how the price reacts to see. Let’s take a look at the latest 1-day charts to see where the price is headed in the short term.

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Analyzing the Charts

If we take a look at the 1-day timeframe for BTC we can see that the price was moving within a downtrend since November. The trend seems to be breaking at the moment as Bitcoin has moved out of this falling wedge it was respecting on this particular timeframe.

We did mention this falling wedge several times in our previous analyses and how crucial it is for Bitcoin to break above it. Right now, the first level of resistance we are watching for Bitcoin is the $43,600 mark.

It is the region that was keeping the price low in January, and we can face strong resistance here.

If the price does break this resistance in the next few days, we will be quite bullish on Bitcoin and would be eyeing the lower $50,000 levels once again.

The main target we would be eyeing here is around the $50,600 mark. However, we could face other potential resistances on lower timeframes as well.

Conclusion: What is Next for Bitcoin (BTC)?

Bitcoin has finally broken out of a downtrend on the 1-day timeframe and is looking bullish in the short term. It is crucial for Bitcoin to keep this momentum and break above the $43,600 mark in the coming hours or days. The buying pressure is slowly increasing, and we could see more buyers step in if this resistance breaks.

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