Bitcoin (BTC) Price Analysis: Targets for the Immediate Short Term (07-Feb)

7:00 am, Mon, 7 February 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading above the $42,500 mark and is looking quite bullish in the immediate short term. The bulls took control of the market over the weekend as we saw the price shoot up above $40,000 once again. The main resistance we were watching for Bitcoin on Friday was just below the $39,000 mark and as soon as the price broke above it we saw a big spike in price. Let’s take a look at the latest BTC charts now to see where the price is headed in the next few hours.

Bitcoin (BTC) Price Analysis 2022 February 07

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Analyzing the Charts

If we take a look at the latest 1-hour charts for Bitcoin, we can see that it has broken above the resistance at $42,000 after consolidating below it for several hours.

Bitcoin Price Analysis 2022 February 07

We can also notice that Bitcoin formed a bullish flag here and is currently breaking out of that structure. The next level we will be watching for BTC after this breakout is the $43,600 mark.

BTC Price Analysis 2022 February 07

The $43,600 region is an important level as it was the resistance we were previously facing in January. Breaking above this level will turn things quite bullish for Bitcoin and we would be aiming higher targets once again.

On the other hand, if the price starts to lose steam in the next few hours and breaks below $42,000, the immediate support we will be watching is at the $41,200 mark.

Bitcoin (BTC) Price Analysis 2022 February 07

Another thing we can notice for Bitcoin on the 1-day timeframe is that the previous lower high was also around the $43,600 mark. If BTC manages to break above this level in the coming days it would be a strong bullish indicator.

Bitcoin Price Analysis 2022 February 07

Conclusion: Is Bitcoin (BTC) Looking Bullish?

Bitcoin is currently trading around $42,500 and is looking quite bullish in the immediate short term. Things have been looking positive for BTC since Friday and we might be getting back on track soon. If the price does break above $43,600 with ease there is a chance that Bitcoin has already put the bottom in. We will now have to see how the price reacts to this level.

BTC Price Analysis 2022 February 07

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