What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just above the support at $46,600 and is looking quite bullish at the moment. As discussed in our previous price analysis, this is a bullish sign for BTC and means we could be heading towards the $50K region soon.

However, we will have to wait and see whether the price manages to stay above this level or not in the next few hours.

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Analyzing the Key Levels

The major resistance for Bitcoin right now is the $47,900 region. We have tried to break above this level several times in the past few days and have failed. However, before we eye the $47,900 area, we first need to pay attention to another important level at $47,400.

If we do manage to break above our short-term target of $47,400, we are highly likely to get past $47,900 as well. That would make our next target around the $49,000-$50,000 region.

However, for this scenario to play out, we will have to close at least one 4-hour candle above the support at $46,600.

If we close this candle below $46,600, we will be heading to $45,000 once again. We will likely fail to hold the level this time and might drop to our immediate support at $44,500.

Conclusion: Where is Bitcoin (BTC) Headed in the Short term?

Bitcoin is trading around a crucial level at $46,600 and could go either way in the short term. If we manage to close a 4-hr candle above this level, we can see a breakout soon. However, if we do fall below this level once again, we will be interested in taking a short position on BTC. For now, we will wait and see how the price plays out in the next couple of hours.

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