What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $51,000 mark and is still looking bullish in the immediate short term. The price did not move much during the weekend and BTC is still trading within the same range. The main target we are looking for Bitcoin right now is the $54,000 mark but before we get there, we must break above a crucial resistance level. Let’s take a look at some Bitcoin charts to identify the resistance level it needs to conquer in the short term.
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Analyzing the Charts
If we take a look at the 1-hour charts we can see that the new resistance level that is keeping the price down is the $51,600 mark. It is a level that has acted as support in the past as well and we can expect BTC to face some strong resistance here.
Once the price gets above this level, Bitcoin could gain strong bullish momentum and we can expect another rally. However, if the price face rejection again the support level we would be watching for Bitcoin is around $49,300.
If the bullish scenario plays out the target, we would be eyeing for Bitcoin in the immediate short term is around the $54,000 mark.
Also, if we switch to the 4-hour charts we can see that the price is moving just below the 200-EMA. The 200 – Moving average is crucial on the 4-hour timeframe as whenever the price is trading above its Bitcoin remains highly bullish.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
As we approach the end of a highly bullish year for Bitcoin, the crypto giant is still looking healthy on the charts. We are still bullish on BTC in the long term and are expecting it to put new all-time highs in the coming weeks. Right now, we will be observing the lower timeframes closely and would be waiting for another rally to begin.
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