Bitcoin Must Hold This Support in the Immediate Short Term! (Jan-03)

6:47 am, Mon, 3 January 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $47,000 mark and has been going sideways for the past few days. As mentioned in our previous analysis, BTC did face rejection around the $48,000 mark and retested the bottom region just below $46,000 once again. However, we did see buyers step in around this region and the price was again pushed above $47,000. Let’s take a look at the latest Bitcoin charts to identify the important levels for the crypto king in the immediate short term.

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Analyzing the Charts

If we take a look at the 1-hour charts, we can see that Bitcoin has found some support around $46,700 and has been trading above it for the past couple of days.

It is crucial for BTC to hold this level in the immediate short term. As long as we are trading above this support, Bitcoin is likely to gain bullish momentum in the coming hours. However, if we lose this level, we would be retesting the bottom support for the third time.

If that happens the price is likely to fall below this level and the $44,000 level could also come into play.

On the other hand, if we hold the support at $46,700 strongly, it is likely that we will break above $48,000 soon. The immediate resistance we will be watching, in that case, is the $49,400 mark.

The $49,400 area is a region where the price has faced resistance previously as well. It is currently our breakout target if we break above $48,000.

Conclusion: What is Next for Bitcoin (BTC)?

Bitcoin is currently trading around the $47,000 mark and has not moved much in the past few days. In the immediate short term, the resistance we are watching for BTC is the $46,700 mark, and as long as the price stays above it, we are likely to gain bullish momentum. We will be interested in placing a short-term trade on Bitcoin if we break above $48,000 convincingly.

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