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The crypto market ended the day very bullish after Bitcoin led the way, breaking through a key resistance on the 4-hour timeframe.
This $46,876 price level has served as both support and resistance for the Bitcoin price on the 4-hour timeframe. And this break confirms our bullish bias for Bitcoin.
In this Bitcoin analysis, we will be talking about the key levels we are watching as well as our bullish price prediction for the Bitcoin price.
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Bitcoin Key Level To Watch!
The most important key level we are watching is the $46k to $42k price region on the 4-hour timeframe. We have seen the Bitcoin price range before finding support around this price region.
And right now, Bitcoin just broke out of it to the upside. As far as Bitcoin continues to trade above this region, we will remain bullish on Bitcoin and the crypto market in general.
If the Bitcoin price continues to trade above this key resistance, we can expect to see Bitcoin rally higher to the $59k level soon!
But for the Bitcoin bullish prediction to remain valid, the Bitcoin price must continue to trade above the $46,876 key resistance on the 4-hour timeframe.
Bullish Target!
Our bullish target is the $59k price level. This level is also a valid resistance in the 4-hour timeframe. Bitcoin needs to break through this resistance before the price can get back to the previous ATHs of $65k.
However, this bullish prediction is only valid if the Bitcoin price can respect the $46k resistance and continue to trade above it in the 4-hour timeframe.
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