Bitcoin (BTC) Price Analysis: A Quick Look at the 1-Day Timeframe (05-Oct)

8:48 am, Wed, 5 October 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading above the $20,000 mark and is looking a little bullish on the lower timeframes. The price has finally broken above the resistance at $19,600 and is looking to make a move towards the upside. BTC has been trading within the same consolidation zone for over two weeks now, and we are finally seeing some movement now. The macro trend is still bearish, so it will be interesting to see how the price will react to the resistance levels above. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the short term.

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Analyzing the 1-Day Timeframe

If we take a look at the latest 1-day charts for Bitcoin, we can notice that the price has just closed a daily candle above $19,600. For the first time in weeks, we are witnessing a daily candle close above $19,600.

It is a bullish sign for Bitcoin, and we can expect further upside movement in the near future. The immediate new resistance we are watching for BTC right now is the $20,400 mark. An area that has acted as resistance on the lower timeframes.

If the price manages to get above this resistance in the short term, then our next target will be the $21,500 mark.

However, we could also see a rejection here, and BTC could fall below $19,600 once again. The momentum is still not that strong, and sellers will eventually push against the price.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin was trading within a consolidation zone for the last couple of weeks and has finally broken out of it. The price has closed a daily candle above the resistance at $19,600, which is a really good sign for Bitcoin. We can expect further upside movement now, but we will also be cautious. As of now, we are not planning to place any short-term trades on Bitcoin.

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