What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading above the $31,000 mark and is looking quite bullish on the lower timeframes. As mentioned in our previous analyses, the price was trading below the crucial level, at $30,800 but has finally broken above it. The $30,800 mark has plenty of significance as it acted as strong resistance in the month of May. It is likely that we will see further upside movement for BTC in the coming hours as the buyers seem to be stepping in at the moment. Let’s take a 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 take a look at the latest charts for Bitcoin, we can see that the price is showing bullishness on the 1-hour timeframe. It found some support at $29,500 and bounced nicely to break above $30,800.

Now the next resistance BTC needs to break above in the coming hours or days is the $32,200 mark. The price did face rejection at this level last week and must break above it to start a relief rally. Once the price breaks above this level, we will be bullish on BTC in the short term.

The $32,200 mark has kept the price low in the recent past, and a surge in trading volume could help BTC get above this level. Once BTC breaks above this resistance, a relief rally towards the $35,000 region is likely.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading above a crucial resistance level and could make a big move in the immediate short term. The price has not moved much in the past few weeks, and it is only a matter of time before we see Bitcoin make a major move. Right now, the trading volume is low, and there is no buying or selling pressure. Once Bitcoin moves out of this zone, only then we will be interested in placing a significant trade.

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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