Bitcoin Retesting Major Support Once Again (04-Jan)

7:06 am, Tue, 4 January 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $46,000 mark and is again looking a bit bearish in the immediate short term. As discussed in our previous analysis, the price has come down to retest the major support zone once again. Bitcoin has been holding the $45,800 region for quite a while now and it must continue to do so. If the price breaks below this level, another sell-off for Bitcoin is likely. Let’s take a look at some of the latest Bitcoin charts to see where the price is headed in the short term.

Bitcoin (BTC) Price Analysis 2022 January 04

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Analyzing the Charts

Bitcoin is currently trading around the $46,000 mark and is trying to hold a crucial support zone on the shorter timeframes. Previously, we were watching this symmetrical triangle on the 1-hour timeframe that broke towards the downside.

Bitcoin Price Analysis 2022 January 04

Right now, it is vital for BTC to stay above this support region as breaking below it could trigger another sell-off. If the price bounces from here successfully it would be a great sign for Bitcoin. It will form a triple-bottom pattern on the 1-hour timeframe and will likely head back towards the $50,000 region.

BTC Price Analysis 2022 January 04

However, if the price breaks below this level, the next region we would watch for support is the $44,000 mark.

Bitcoin (BTC) Price Analysis 2022 January 04

It is a significant level that has acted as both support and resistance in the past and we are likely to hold it in the event of a sell-off.

Conclusion: Where is Bitcoin (BTC) Headed Next?

Bitcoin is once again standing on a crucial level and is looking a bit bearish in the short term. It is crucial for BTC to hold the $45,800 region in the coming hours and break above $46,700 once again. The longer price stays around this level the more the selling pressure will increase. Right now, we would not be trading Bitcoin in the short term and would wait for it to get above current resistance.

The triple bottom scenario is also in play and if the price follows it we can expect Bitcoin to gain strong bullish momentum.

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