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Bitcoin (BTC) Price Analysis: Breaking Above $41,300 (20-Apr)

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $41,500 mark and is slowly gaining bullish momentum on the lower timeframe. The price has been climbing for the past couple of days and it would be interesting to see whether BTC can break above major resistance levels or not. The resistance level we were previously watching for Bitcoin was the $41,300 mark. The price is currently trading above this level and BTC is showing positive signs at the moment. Let’s take a look at the latest Bitcoin charts to see where the price is headed next in the coming days.

Bitcoin (BTC) Price Analysis 2022 April 20

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Analyzing the Charts

If we take a look at the 4-hour timeframe, we can see that Bitcoin was struggling to break above $41,300 for the past ten days. The price has already closed several candles above the mark and has flipped this resistance level into support. The next major area we are watching for BTC right now is the $42,800 mark.

Bitcoin Price Analysis 2022 April 20

The $42,800 mark is quite an important level. Whenever the price is trading below this region BTC generally moves in a downtrend and whenever the price is above this level it generally shows bullishness.

BTC Price Analysis 2022 April 20

Once Bitcoin gets above this level it will start picking momentum and will challenge the all-important $44,600 region once again.  

Bitcoin (BTC) Price Analysis 2022 April 20

The $44,600 mark has a lot of significance as it acted as major resistance for over three months. If the price can reclaim this level in the coming days or weeks Bitcoin will be heading towards the $50,000 region once again.

Conclusion: What is Next for Bitcoin (BTC)?

Bitcoin has started to gain some bullish momentum and can still go either way in the short term. Right now, the level we are watching closely is the support at $41,300. Even though Bitcoin has flipped this level into support it can still break below in the coming hours. The price has not jumped much after breaking this level and it will be interesting to see whether it will hold or not.

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