What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $44,000 mark and has been moving sideways for the past several hours. We did see a breakout for BTC yesterday where it broke above the resistance at $42,800. Right now, the level we are watching for Bitcoin is the $44,300 mark as it has acted as support and resistance on the lower timeframes in the recent past. Let’s take a look at the latest charts to see where the price could be headed in the short term.

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Analyzing the Charts

If we take a look at the latest Bitcoin charts, we can see that the price is facing resistance at the $44,300 mark. We can also see that there doesn’t seem to be any selling pressure at this level and BTC will likely get above it in the coming hours.

Once the price breaks above the resistance, the next level we will be eyeing for Bitcoin is the $45,600 mark.

The $45,600 region has plenty of significance as it was previously acting as support for Bitcoin in December and January. Bitcoin has been moving within a downtrend for the past few months. Breaking above this level could also reverse the trend for Bitcoin.

On the other hand, if bears start to take control of the market and we see heavy rejection here once again. The main support we will be eyeing for BTC is the $41,700 mark.

The $41,700 mark is a level that bulls are trying to maintain for the past couple of weeks. However, if we do retest it again, it won’t provide strong support.

Conclusion: What to Expect from Bitcoin (BTC)?

Not much has changed for Bitcoin in the past 24-hours and it is still headed towards our target of $45,600. Bitcoin needs to break this resistance and get above $46,000 convincingly. In the coming hours, it will be interesting to see how the price reacts to $45,600. A big rejection here will give us an opportunity to short Bitcoin.

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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