What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $46,000 mark and has been going sideways for the past few days. As mentioned in our previous analysis, the price is currently facing resistance around $47,000 and has found temporary support at $45,700. The major support level that we are eyeing for BTC is still the $44,600 mark. As long as the price is trading above this area, we are quite bullish on Bitcoin in the short term. Let’s take a quick look at the 1-day timeframe for Bitcoin to see where the price is headed in the coming days.

You can trade Bitcoin with leverage on Bybit. By using our link, you can get up to a $4,100 bonus. (Bonus may vary based on deposit amount)

Analyzing the Charts

On the 1-day timeframe, the first thing we can notice for Bitcoin is that it is comfortably trading above the support at $44,600. The $44,600 is a crucial level as it was acting as major resistance in the past and has now flipped into support.

As long as the price is trading above this level, bulls are in control, and we are also bullish on Bitcoin in the short term.

On the other hand, the resistance we are eyeing on this timeframe at the moment is the $48,100 mark. It is the level Bitcoin has been struggling to break for the past several days.

Once the price breaks above $48,100, it is likely that we will witness another big break out for Bitcoin and will go past $50,000.

We can also notice that Bitcoin is currently retesting the top of the symmetrical triangle it broke out of recently.

All these signs are currently showing bullishness and we can expect BTC to continue in an uptrend in the coming days.

Conclusion: Is Bitcoin (BTC) Looking Bullish?

Bitcoin is currently in a decent spot and is still looking bullish on the 1-day timeframe. The price is trading above $44,600 which is a crucial support level. As long as Bitcoin is above this level and is respecting the symmetrical triangle above, we won’t mind accumulating more BTC. However, we would like BTC to break above $48,100 before we make another move.

Margin Trading for Beginners

If you are interested in leverage trading Bitcoin, you can go through our Margin Trading Guide to learn more about it. You can also check our list of top crypto exchanges to choose the platform that best suits your needs.

PrimeXBT Covesting: Copy Trading

Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.

[primexbt]