Bitcoin (BTC) Price Analysis: Huge Breakout Last Night, What’s Next?

7:42 am, Tue, 1 March 22

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
?

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $43,500 mark and is looking extremely bullish in the short term. We saw a huge momentum shift for BTC last night as it broke above $40,000 once again and the buyers started to step in immediately. In our previous analysis, we talked about the resistance Bitcoin was facing around the $39,600 and how breaking above it could shift the momentum. The price did manage to break that level and we saw an unexpected massive spike. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the short term.

Bitcoin (BTC) Price Analysis 2022 March 01

You can trade Bitcoin with leverage on Bybit. By using our link, you can get up to a $4,100 bonus. (Bonus may vary based on deposit amount)

Claim up to $30,030 in Bonus

100x Leverage

Analyzing the Charts

If we take a look at the 4-hour charts for Bitcoin, we can see that the price was forming an inverse head & shoulders that was indicating this breakout. It wasn’t the best inverse head & shoulders formation, but we can see it played out quite well.

Bitcoin Price Analysis 2022 March 01

We can also see that BTC had a significant resistance around the $41,800 previously but it managed to get above it as well with this breakout. This is a clear indication that the buyers are now stepping in and BTC might have bottomed already.

BTC Price Analysis 2022 March 01

We can also see that Bitcoin is currently trading above all the significant moving averages. It is a bullish sign for BTC and could mean that this trend will continue.

Bitcoin (BTC) Price Analysis 2022 March 01

The next major resistance we will now be watching for Bitcoin is around $44,600. It is an area that has kept the price low in the past. Breaking above it comfortably on the 1-day timeframe could be a strong bullish indicator.

Bitcoin Price Analysis 2022 March 01

Conclusion: What is Next for Bitcoin (BTC)?

Bitcoin has broken above some key resistance levels last night and is looking extremely bullish at the moment. We weren’t expecting BTC to make a move this big, but it is a really good sign for the crypto asset. Right now, we will be watching the $44,600 region closely and will place a trade on BTC after the price reacts to this level.

BTC Price Analysis 2022 March 01

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.

PrimeXBT Covesting: Copy Trading

Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.

Claim up to $7000 in Bonus

100x Leverage

Recommended Bitcoin Trading Platforms:
★★★★★
★★★★★

Rating: 94%

Claim up to $30,030 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 89%

Claim up to $4100 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 91%

Claim up to $7000 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.050%
Maker:
0.050%
Wire:
Credit:
Crypto: