What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above $46,000 and is looking very bullish. BTC has not moved much in the past couple of days and has struggled to break above the resistance at $46,400. It is now looking to retest this crucial region again and is likely to succeed this time.
If you are looking to leverage trade Bitcoin up to 100x, sign-up on ByBit today. You can also use this link to claim a bonus on your first deposit.
Claim up to $30,030 in Bonus
Analyzing the Charts
If we observe the charts for Bitcoin, we can find a couple of indicators that are suggesting we are at the cusp of a breakout. First, we can analyze that BTC is forming head and shoulders pattern on the 1-hour timeframe, which is a bullish sign.
We can see that the pattern is forming nicely, and a breakout could push us above the $48,000 region.
On the other hand, we can also identify an ascending triangle on a similar chart, which is another bullish indicator.
We can see that the price is being squeezed towards the upside and is retesting the resistance at $46,400. Once we break out of this region, we can finally move towards our next target of $48,000.
Conclusion: Is Bitcoin Bullish or Bearish?
Bitcoin is looking quite bullish in the immediate short term, and we could see a breakout within the next couple of hours. The price charts for BTC are looking quite nice, and we would be interested in going long on BTC right now. Once we get above the important region of $46,400, we will be eyeing the $50,000 region once again.
Margin Trading With Bitcoin
If you are interested in trading BTC with margin, you can go through our Margin Trading Guide to get a better idea of the whole concept. You can also check our list of best crypto exchanges to choose the exchange that best suits your needs.
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.