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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $47,500 mark and is still trying to break above the $48,100 level. The price has been going sideways since yesterday and we can expect Bitcoin to make a move in the coming hours. As mentioned in our previous analysis, things are looking quite bullish for Bitcoin, and we can expect it to revisit the $50,000 mark soon. Let’s take a quick look at the lower timeframe charts for Bitcoin to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest charts for Bitcoin, we can see that the price is currently moving within a consolidation zone.
The price is respecting the support at $46,700 and is bouncing back and forth between it and the $48,100 mark. This consolidation is forming on the 30-minutes timeframe so we can expect BTC to break out of it soon.
Once the price breaks above the $48,100 the first level we will be aiming for Bitcoin is the $49,500 mark. It is an area that has acted as resistance and support on the lower timeframes in the past.
On the other hand, if the price fails to hold the support at $46,700, the support level we will be watching is the $44,700 mark.
The $44,700 was our previous major resistance so we are likely to retest it and flip into major support.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $47,500 mark and is looking quite bullish. Things have not changed much since our previous analysis, and we are still expecting significant gains for BTC. It would be interesting to see whether the price will revisit the $44,700 mark or will break above $48,100 without any correction.
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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