What is Bitcoin (BTC) Doing Right Now?
Bitcoin (BTC) is consistently retesting the $40,000 region and is trying to break above it. As pointed out in our previous price analysis, BTC’s price is currently moving within the range between $39,500 and $40,600. We will have to break above this range and close multiple candles above it to break our major resistance at $40,000.
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Analyzing Bitcoin (BTC) on the Hourly Charts
If we take a look at Bitcoin on the hourly chart, we can see that the price is moving nicely towards the upside. BTC has been trading sideways for the past 24-hours but is still looking quite bullish. The price is also respecting the $39,500 level, which is a bullish sign for Bitcoin.
We can also see that Bitcoin is forming an ascending triangle on the 1-hr timeframe, which is a bullish sign. It is creating higher lows, and the price is being squeezed as it keeps retesting the horizontal resistance.
If this pattern plays out nicely, we can see a nice move towards the upside and can finally get above our $40,000 resistance. Our breakout target from this level would be $44,500 region. However, we have strong resistance at $42,300 and will have to see how the breakout behaves against this level.
As soon as the price breaks above the triangle, we will be interested in putting a long trade on Bitcoin.
On the other hand, if bears resist, we could also break towards the downside. In such a scenario, the level we need to watch is $36,400.
Conclusion: Is BTC Still Bullish?
Bitcoin is still looking quite bullish, and everyone is eyeing the $50,000 region now. However, we will still have to wait and see how Bitcoin’s price move in the short term and make trades accordingly. Bitcoin has been consolidating for over 70 days, and this momentum might just pull BTC out of this phase.
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