Search
Close this search box.

Bitcoin (BTC) Price Analysis – Watch out for this Major Resistance

SHARE

SHARE

Table of Contents

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just below the $50,000 mark and is trying to break above it. As mentioned in our previous price analysis, BTC did manage to break the resistance around $49,500 and is now coming back to retest it as support. However, there is another resistance on the 1-day charts that we need to watch out for BTC right now.

Bitcoin (BTC) Price Analysis 2021-10-05

You can trade Bitcoin with leverage on Bybit. By using our link, you can get up to a $600 bonus. (Bonus may vary based on deposit amount)

[bybit]

Analyzing the Charts

Bitcoin is facing minor resistance around the $50,300 level, but that is not the only area we are watching right now. If we switch to the 1-Day timeframe, we can see that Bitcoin is currently touching a trendline that has been holding the price down for the past several months.

Bitcoin Price Analysis 2021-10-05

The descending trendline in the above chart has been keeping the price low since April 2021. It is crucial for Bitcoin to break above this resistance, or we could see another price dump in the coming days.

Also, if we bring out the Fibonacci retracement tool, we can see that this trendline coincides with the 0.786 level.

BTC Price Analysis 2021-10-05

The 0.786 level is an important indicator, and BTC must break above it to move towards our short-term target of $52,000. Once BTC manages to get above both these resistances, a rally towards a new all-time high would be on the cards in the coming weeks.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently looking bullish but is trading in a critical zone. The two resistance levels mentioned above are the areas we will be watching closely and trade BTC accordingly. Once we manage to break above the descending trendline, we would be interested in longing Bitcoin. Until then, we will wait and see how the price plays out in the short term.

neutral_ta

Margin Trading for Beginners

If you are interested in leverage trading Bitcoin, you can go through our Margin Trading Guide to learn more about it. You can also check our list of top crypto exchanges to choose the platform that best suits your needs.

Copy Trading With PrimeXBT

Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” with our link.

[primexbt]

SHARE

Related Post

Comments are closed.

Buy / Sell Bitcoin

Rating: 89%

Claim up to $8,800 in Bonus

binance

Rating: 85%

World’s largest crypto exchange

Our Favourite Trading Platforms

bybit-logo

Rating: 94%

Claim up to $30,030 in Bonus

100x Leverage

prime-xbt

Rating: 91%

Claim up to $7,000 in Bonus

100x Leverage

Follow Us