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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $46,600 mark and has been moving within a consolidation zone for the past few days. As mentioned in our previous analyses, the price is still carrying bullish momentum and once it passes the $48,100 mark, we can expect another breakout for Bitcoin. Right now, the resistance level we are watching for Bitcoin is the $47,000 mark. It has been keeping the price low for the past couple of days and we are likely to break above it in the coming hours. Let’s take a look at the latest charts to see where things are headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest charts for Bitcoin, we can see that the price is moving within a consolidation zone for the past few days. The support it has been holding currently is around the $45,600 mark.
We can also notice that the price broke below the support at the $45,600 mark for a couple of hours, but the bulls were able to push the price up again. It is a good sign for the price action, and we can expect BTC to break above the $47,000 mark in the coming hours.
When the price breaks above the $47,000 mark we will be challenging the $48,100 mark again. It is the major level we need to break at the moment and once we get above that area, we will see a $50,000 Bitcoin once again.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently in a good position, and we are bullish on it in the immediate short term. The price is looking healthy on the lower timeframes and as soon as it gets above the $47,000 mark, we will be retesting the major resistance once again. Bitcoin needs to sustain this momentum in the coming weeks as we are still above a crucial support level ($44,600) and breaking below it once again could shift the trend.
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.
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