Bitcoin (BTC) Price Analysis: Targets for the Immediate Short Term (02-Mar)

7:38 am, Wed, 2 March 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $43,800 mark and is still looking quite bullish in the immediate short term. The price is currently facing resistance around the $44,700 since yesterday and could visit the lower levels before making another move towards the upside. The major resistance we are watching for Bitcoin on the longer timeframes is the $46,000 zone. If Bitcoin does get above $45,000 and faces rejection a correction will be healthy for the price movement. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed in the immediate short term.

Bitcoin (BTC) Price Analysis 2022 March 02

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Analyzing the 1-hour Timeframe

On the 1-hour timeframe, we can observe that the price is facing resistance at the $44,700 mark and has also found some support at the $42,800 level. As long as the price is trading above $42,800 on the lower timeframe it is likely that we will get above this resistance.

Bitcoin Price Analysis 2022 March 02

We can also spot this bullish pennant structure on the 1-hour timeframe, which might not be perfect looking but could play out in the coming hours.

BTC Price Analysis 2022 March 02

If the price does break towards the upside, the next level we will be watching for Bitcoin is the $46,000 that could potentially act as resistance.

Bitcoin (BTC) Price Analysis 2022 March 02

On the other hand, if we take a look if the price breaks below the $42,800 mark in the coming hours, we will be heading towards $41,700 once again. If that happens it will be nice for the price action and could also be considered as a buying opportunity.

Bitcoin Price Analysis 2022 March 02

Conclusion: What is Next for Bitcoin (BTC)?

Bitcoin is still looking bullish on the lower timeframe, and we could expect it to sustain this momentum in the short term. Right now, we are speculating a move towards the $41,700 once again and will be considering it as a buying opportunity. The major resistance for Bitcoin is still around the $46,000 region and how the price reacts to this level will be of importance in the coming days.

BTC Price Analysis 2022 March 02

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