Table of Contents
What is Bitcoin (BTC) Doing Right Now?
Bitcoin continues to climb towards the upside and is currently trading above $38,000. As discussed in our previous price analysis, BTC is currently looking very bullish and is headed towards the $40,000 region.
However, we will still have to wait for confirmations and see whether it’s an actual price pump or just a fake-out.
As we can see on this 4-hr chart, Bitcoin has broken above an important resistance level of $36,100. This is a major bullish indicator as we have struggled to break this mark several times in the past. Now, we will take a look at the next targets we are eyeing for BTC’s price.
Phemex allows you to trade Bitcoin. Sign-up with our link, make your first deposit and get a bonus of up to $1,200. (Bonus may vary based on deposit amount)
Next Targets for Bitcoin (BTC)
The next targets we need to watch for Bitcoin are the $39,600 and the $40,700 mark. The region between these two price levels is an important one as Bitcoin has previously struggled to break above it.
We can also see that we previously have a formed triple top within this region and have failed to break above it every time we touched it.
The third time we failed to break above this region, we saw a massive sell-off towards the downside. What BTC needs to do now is break above this level convincingly. The exact price level we will be looking out for is $41,300.
Once we start trading above that, there is a good sign we will head towards our next target of $47,000.
A break of this level would be a very positive sign. It could also be an indication of our bull run’s resumption.
Conclusion: Where is Bitcoin (BTC) Headed?
Bitcoin is on the rise for the past few days and is looking solid at the moment. However, we would not start trading BTC just yet and wait for our confirmation to ensure that it is not a fake-out. If we keep this trajectory, the resumption of our bull-run might be closer than we expected.
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 your 25% bonus by using the promo code “bitcoinsensus50” with our link.