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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $31,000 mark and has been going sideways for the past few hours. As mentioned in our previous analysis, the price successfully broke above the resistance at $30,800 and is now looking quite healthy on the lower timeframes. It is likely that the price will keep moving within an uptrend on the lower timeframes, and BTC will challenge the next resistance at $32,200 soon. Let’s take a look at the lower timeframes for Bitcoin to see where the price could be headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 15-minutes charts for Bitcoin, we can notice that the price is currently facing resistance at around $31,500. It is an area that BTC used as support the last week when it faced rejection around the $32,200 mark.
We can see that the price is currently trying to break above this level. If BTC closes a few 15-minutes candles above this level, we can expect the price to jump to $32,200.
Also, it seems likely that the price will break above the $32,200 mark this time. At the moment, there is no selling pressure, and a relief rally for Bitcoin seems likely.
On the other hand, if BTC faces rejection at $31,500, then it must hold the $30,800 region as support. Falling below it will again change the short-term trend to bearish.
However, this scenario seems highly unlikely at the moment, as the price is currently moving within an uptrend on lower timeframes.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently moving within an uptrend on micro timeframes and could climb further in the coming hours. The level we are eyeing now for BTC is the $32,200 mark. Once the price breaks above this level, we can expect a relief rally for Bitcoin. The next region we will be watching in the event of a relief rally is around the $35,000 mark.
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