Bitcoin (BTC) Price Analysis – Will We Break Above $44,000

2:35 pm, Thu, 23 September 21

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just below $44,000 and has been moving sideways for the past few hours. As mentioned in our previous price analysis, the $44,200 level is a strong resistance area, and BTC needs to break above it to shift the momentum.

Currently, Bitcoin is coming up to retest this level again and must close a few 1-hour candles above it to become bullish.

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Analyzing the Charts

Bitcoin is currently trying to break above $44,200 on the shorter timeframes but is struggling due to a lack of volume. If we do manage to break above this resistance, the next target we will be looking at is $47,200.

On the other hand, if we reject this level once again, we could see a major sell-off towards the downside. If that happens, the immediate support we will need to hold is around the $41,800 mark.

In this scenario, we could also come to retest the $40,000 region as rejecting the $44,000 level could push the bulls back.

We can also see that the trading volume is declining consistently, which is never a good sign. If the volume does not flow, it will be challenging for Bitcoin to break above $42,200.

Conclusion: Is Bitcoin (BTC) Looking Bullish?

Bitcoin is showing some bullish momentum as it is consistently trying to break above the resistance at $44K. However, we will still not be trading Bitcoin in the short term as it is in dangerous territory at the moment. If Bitcoin does break above $44,200 convincingly in the next day or so, only then will we be interested in longing it.

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