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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below $48,000 and is looking extremely bullish in the short term. As mentioned in our previous analyses, BTC was facing strong resistance around the $44,000 – $45,000 region and was struggling to gain bullish momentum.
Bitcoin has finally broken above that resistance, and the buying pressure is skyrocketing. As we walk into October, BTC has started to look bullish once again.
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Analyzing the Charts
If we take a look at the 1-hour charts now, we can observe that Bitcoin is currently facing some resistance around $47,600. BTC flew to this mark after breaking above this resistance and is now taking a breather there.
The next target for Bitcoin once it overcomes this resistance would be the $48,700 mark. It is an area that has acted as strong support in the past and could now act as strong resistance.
However, in order to reach that level, it is vital that BTC test the $45,000 region and flip it into new support. If that does not happen, the chances of a sell-off at upper resistance could increase.
If we do end up retesting the $45,000 region, we would see it as a nice opportunity to long Bitcoin. However, we will only go for this trade if the retest is successful.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is looking quite bullish at the moment, and we could expect it to challenge the $50,000 mark in the coming days. However, it is vital for BTC to flip the $45,000 resistance into support successfully. Once the retest is done, we might also start seeing alts rallying up.
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