What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $47,000 region and is moving sideways for the past several hours. The price has been facing resistance around the $47,400 region and is struggling to break above it.
As mentioned in our previous price analysis, Bitcoin is looking bearish on most timeframes, and a move towards the $44,000 is highly likely. However, if we do manage to break above $47,400 in the next few hours, we could see another leg towards the upside and might retest $50,000 once again.
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Analyzing the Price on Shorter Timeframes
If we take a look at the shorter timeframes, we can see that Bitcoin is currently trying to break above the resistance at $47,400. We have managed to break above this zone several times in the past few hours but have failed to hold it.
In order to break above this zone convincingly we need to close at least one hourly candle above it.
The price is breaking above the $47,400 region right now. We just have to wait and see whether it’s another wick or we will finally have a close above it. Our next target for Bitcoin would be the resistance of $48,600. If we end up flipping this region, we will be bullish on BTC in the short term as well.
On the other hand, if we fail to close a candle above this region. We could fall to the $44,800 region. This level has acted as both support and resistance in the past and is likely to hold.
Conclusion: Where is Bitcoin (BTC) Headed?
Most of the indicators are looking bearish from the past few days, but if we manage to break above $48,600 convincingly, we could get bullish in the short term once again. Right now, we just have to wait and see how the price reacts to his level and will trade accordingly.
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