What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $42,700 mark and is trying to break above the resistance at $43,100. The price has finally moved out of the consolidation zone it was respecting for several days and is now showing some bullish signs. BTC has already rejected the $43,100 mark on the lower timeframes once and it would be interesting to see how this plays out. In this price analysis, we will take a look at some key horizontal levels we need to watch for BTC in the immediate short term.
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Analyzing the Charts
On the 1-hour timeframe, the first level we will be watching for Bitcoin is the $43,100 mark. It is the resistance BTC needs to overcome to sustain the bullish momentum it is currently carrying. However, the price has rejected this level will likely retest the $41,900 mark which is the second important level we are eyeing right now.
If we do see Bitcoin bounce back from this level, it is likely that the price will break above the $43,100 mark and will be headed towards are the main target of $44,700.
The $44,700 zone is a major resistance area that has kept the price low for months now. Breaking above this level in the coming week will be an extremely bullish sign for Bitcoin.
On the other hand, if the price fails to hold the support at $41,900 Bitcoin will start moving in a downtrend once again on the lower timeframes. The support level we will be watching for BTC in that scenario is around the $40,400 mark.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin has shown some bullish signs on the lower timeframes and will likely touch the $44,700 mark in the coming hours or days. Right now, the resistance it needs to break above is around the $43,200 mark. When the price breaks above this level we will likely see another breakout for Bitcoin. However, the price could still go both ways and we will also be closely watching the support levels mentioned above.
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