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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $43,600 mark and has been going sideways for the past several hours. The price is still carrying bullish momentum but is facing strong resistance around $44,400 on the lower timeframes. As mentioned in our previous analysis, the major target we are eyeing for Bitcoin right now is around the $46,000 region. Breaking above that level will turn things quite bullish for BTC in the coming days.
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Analyzing the Charts
On the 1-hour timeframe, the previous support we were watching for Bitcoin was around the $43,600 mark. It seems like the price has found new support at $42,900 at the moment and is bouncing back and forth between this level and $44,400.
We can see that the price is currently taking a breather in this zone before making another move towards the upside. When we break out of this level, the next target we will be eyeing for Bitcoin is the $46,000 mark.
The $46,000 mark has acted as strong support in the past. It was also the major support Bitcoin was holding in early January before the last sell-off. Breaking above this level will increase the buying pressure.
On the other hand, BTC could also go through some corrections on lower timeframes, and it has been on a steady rise for several days. If the price breaks above our current support the next level, we will be watching for Bitcoin is the $41,700.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is still looking quite bullish on the lower timeframes, and we can expect another breakout soon. The price has finally started to gain some momentum and even if we drop to the lower support, it will help BTC gain more volume. If the price does drop the $41,700 region and bounces successfully, we would be interested in opening a long position on Bitcoin.
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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