What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $43,700 mark and has been going sideways for the past few days. The price has not moved much since our recent analysis and the targets we are eyeing for BTC are still the same. Right now, the resistance level Bitcoin needs to overcome is the $44,300 mark. This area has been keeping the price low for the past couple of days and Bitcoin must overcome it soon. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we zoom in on the 30-minutes timeframe we can see that Bitcoin has found some support at the $43,500 mark. The price is being held by this level and Bitcoin is moving within a consolidation zone at the moment.
The buyers are trying to hold this area which is a bullish sign for Bitcoin. We can also see that the price is bouncing off the second time of this level and is forming a double-bottom pattern.
Once we break above $44,300 we can expect the price to rally towards our target of the $45,600 mark. It is a crucial level for Bitcoin and also the major resistance it needs to overcome to break the trend.
On the other hand, if the price faces rejection at this level once again, we could come back and retest the $42,800 mark. The major support level for Bitcoin to hold is still the $41,700 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has not moved much in the past couple of days and is mainly consolidating below the $44,300 mark. The target for Bitcoin is still the same as we need to get above the resistance zone of $45,600 – $46,000. We would like BTC to hit these levels before it moves towards the downside. How the price reacts to this strong resistance will be interesting to see.
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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