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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading above the $43,000 region and has been moving sideways for the past several hours. As mentioned in our previous analysis, the resistance BTC needs to break in the immediate short term is the $43,700 mark.
Once we get above this resistance, we will be challenging a very critical level around the $45,000 mark. The $45,000 region is a strong resistance level, and BTC could struggle to break above it once again.
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Analyzing the Charts
If we take a look at 1-hour charts, we can see that BTC is currently retesting the $43,700 mark and is likely to break above it. The price has just bounced back from the $42,700, which was our previous resistance.
A healthy bounce back from the $42,700 level indicates that we are highly likely to challenge the $45,000 mark once again.
However, we are also forming an ascending channel on the 1-hour timeframe and could see another sell-off in the coming hours.
If this structure plays out, we will likely be heading towards $40,600 once again. The chances of this structure playing out are not that high, so we can also expect to break above it.
On the other hand, we are still facing this trend line resistance on the 4-hour timeframe and could also reject the $44,000 level in the coming hours.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is currently in the critical territory and could go either way in the short term. The $44,000 – $45,000 zone is a strong resistance area, and the bulls will have to step up their game to break above it. Right now, we would not be taking any trade on Bitcoin and wait for it to react to its crucial level.
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