What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently facing a minor pullback and is trading around the $43,000 region. The last few days have been extremely bullish for BTC, and we have seen some nice breakouts. It has also broken above a crucial level at $42,400, which was keeping the price low.
We have highlighted the importance of this level several times in the past and must stay above it to resume our bull run.
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Bitcoin (BTC) Targets for the Immediate Short term
We can observe on the 30-minutes timeframe that the price of Bitcoin was moving within a descending channel and has broken below it for a minor correction.
We also retested the bottom of the channel and got a clear rejection. Now the price is headed towards the $42,400 region and is expected to bounce from here.
Our target for the immediate short term will be the $44,300 price mark. Once we get above it, we can challenge the resistance at $45,300 once again.
Once we get above $45,300, the next target we would be eyeing is the $49,000 region. However, we will have to retest the $42,400 mark successfully for this to play out. It has a lot of significance as it was the last support we held before dropping below $30,000.
Conclusion: Where Is Bitcoin (BTC) Headed?
Bitcoin is still looking quite bullish and is challenging new targets every day. Right now, we are witnessing a minor correction for BTC, which is healthy for the price action. Once we bounce back successfully from the $42,400 region, we will be interested in accumulating more Bitcoin.
On the other hand, if we do break below this level, we could fall back to $40,000, and BTC will struggle once again.
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