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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around $47,200 and has been going sideways for the past couple of days. Things have been looking quite bullish for BTC since 27th March as we saw the price break above a crucial resistance at $44,700. As soon as the price got above this level, we saw a major breakout for Bitcoin that took the price all the way up to the $48,100 level. Right now, the $48,100 level is the main resistance we are watching for Bitcoin. Let’s take a look at the latest charts to see how things are looking for BTC in the immediate short term.
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Analyzing the Charts
On the 1-hour timeframe, the support level we are currently watching for Bitcoin is still the $46,700 mark. The price has been trading above this level since the last major breakout and has not dropped below it even once.
As long as Bitcoin is trading above this level, we are extremely bullish on it in the immediate short term. However, the longer BTC struggles to break above it the more likely we are to retest our previous major resistance zone to flip it into support. The previous resistance zone we are referring to is around the $44,600 mark.
A minor correction and retest here could also prove healthy for the price action. Bitcoin can revisit this level and the bulls can start to push the price towards the $50,000 mark once again.
On the other hand, if we see the price break above $48,100 in the coming hours, the next resistance we will be watching is around the $49,500 mark.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is looking quite bullish over the past few days as it is currently trading above a couple of major resistance levels. Things have been rather quiet for BTC for the past few months but now the price has started to gain some momentum. A retest of the $44,600 mark is still on the cards but in general, we are bullish on Bitcoin in the immediate short term.
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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