What is Bitcoin (BTC) Doing Right Now?
Bitcoin has faced another rejection at the $47,000 mark and is currently around the $45,500 region. The price has been consolidating for almost a week now as BTC has not made any big moves in either direction. In our previous analysis, we speculated that Bitcoin would break above the $47,000 mark soon. However, the price lost momentum and BTC faced another rejection in this crucial region. Let’s take a look at the latest Bitcoin charts to identify the levels we need to watch right now.
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Analyzing the Charts
If we take a look at the latest 30-minutes chart for BTC, the first thing we can notice is that the price is still holding at the $44,600 mark. It is the main support we are eyeing for Bitcoin and as long as the price stays above it we are bullish on Bitcoin.
The $44,600 mark is the region that acted as strong resistance for months and BTC has now flipped into major support.
On the other hand, the current resistance level we will be watching in the immediate short term is the $45,600 mark. It is crucial for BTC to break above this level as soon as possible to challenge the $47,000 mark once again.
However, if Bitcoin faces rejection and continues to move within a downtrend breaking below $44,600 things will start to get bearish.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still trading within a consolidation zone and has not moved much in the past few days. Right now bulls are not pushing hard enough but there is no selling pressure. The main resistance level we are eyeing is still the $48,100 mark. We will be interested in placing a long trade on Bitcoin when we break above that level comfortably.
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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