Bitcoin (BTC) Price Analysis – Minor Pullback on Shorter Timeframes

6:54 am, Mon, 9 August 21

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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.

Bitcoin Price Analysis 2021-August-09

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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.

Bitcoin Price Analysis 2021-August-09

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.

Bitcoin Price Analysis 2021-August-09

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.

BTC Price Analysis 2021-August-09

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.

BTC Price Analysis 2021-August-09

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