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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $47,000 mark and has not moved much in the past couple of days. The price is currently trying to break above $48,100 but it does not look like bulls are really pushing at the moment. As mentioned in our previous analyses, it is also likely that Bitcoin will retest the $44,700 mark before making another move towards the upside. Let’s take a quick look at the latest 1-day charts for Bitcoin to see whether the price will break above $48,100 soon or not.
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Analyzing the Charts
If we switch to the 1-day charts, we can see that the current horizontal resistance BTC is facing on this timeframe is also the $48,100 mark.
We can notice that this area turned into resistance after BTC broke below $50,000 in December and since then the price has been dropping. Breaking above this level could also mean that Bitcoin will be headed towards $50,000 once again.
However, there is another resistance we need to watch for BTC at the moment which can be spotted within this rising channel.
If Bitcoin manages to break above this level in the coming hours or days, we will be aiming above $50,000 next. However, if the price faces rejection here a correction will be on the cards. The first level to watch in that scenario is the $44,700 mark.
It’s an area that was acting as a major resistance previously and now we can expect it to hold as support.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is looking quite bullish over the past few days, but it is still not moving within a strong uptrend. Right now, we can see that Bitcoin is facing strong resistance around the $48K region and could face rejection here. We would not be placing any trades on BTC at the moment and will wait for a minor correction to make our move.
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