Bitcoin (BTC) Price Analysis – The Price is Squeezing

6:43 am, Thu, 9 September 21

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
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12h
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What is Bitcoin (BTC) Doing Right Now?

Bitcoin has been moving sideways for the past day and a half and is currently trading just above $46,000. As mentioned in our previous price analysis, Bitcoin is struggling to recover from Tuesday’s flash crash and is facing strong resistance above the $47,000 region.

It is crucial that Bitcoin gets above $47,000 in the next few hours. The longer it moves sideways, the more likely we are to move towards the downside.

Bitcoin (BTC) Price Analysis 2021-September-09

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Analyzing the Charts

If we take a look at the price charts, we can observe that Bitcoin’s price is being squeezed. We are forming a symmetrical triangle on the 1-hour timeframe, and the price can go either way in the coming hours.

Bitcoin Price Analysis 2021-September-09

If we manage to break above this symmetrical triangle, we could see a major price spike that will turn BTC bullish again. Our breakout target would just be around the $49,200 level, which is also our next resistance.

BTC Price Analysis 2021-September-09

On the other hand, if we break below the structure, we could experience another price dump. The level we will be watching in this scenario would be $42,800.

Bitcoin (BTC) Price Analysis 2021-September-09

Breaking below this structure would trigger a sell-off, and we can also expect the price to drop to the $40,000 region.

Conclusion: Where is Bitcoin (BTC) Headed Next?

Bitcoin is currently trading in a critical territory and can go either way in the coming hours. The price has not moved much in the past 24 hours, and the volume is consistently dropping. Right now, we will wait for Bitcoin to move out of this symmetrical triangle convincingly and will trade it accordingly.

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