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.
ByBit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $1610 bonus! (Bonus may vary based on deposit amount)
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.
Copy Trading With PrimeXBT Covesting
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 your 25% bonus by using the promo code “bitcoinsensus50” with our link.
100x Leverage
100x Leverage
100x Leverage
