What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around $45,000 and is looking extremely bullish in the short term. As mentioned in our previous analysis, the resistance we were watching for Bitcoin was around the $43,600 mark and Bitcoin has managed to overcome it comfortably.
The price is moving within a strong uptrend on the lower timeframes and things are looking very positive for BTC since Friday. Let’s take a look at the latest Bitcoin charts to see the latest price targets in the immediate short term.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can see that the price is trading above the $43,600 mark comfortably. The $43,600 mark is an important level that was keeping the price low in the month of January, and we can now expect it to act as strong support.
The new resistance we are watching for Bitcoin on the lower timeframes is at the $45,700 mark.
The $45,700 mark has acted as both resistance and support in the past and the price must overcome it to continue the momentum.
It seems likely that BTC will break above this level as overcoming the $43,600 mark is a bullish sign. The level we will be watching after $45,700 is the $48,000 mark.
On the other hand, if the price faces rejection at $45,700 we will come back to retest the $43,600 mark once again. It is likely that BTC will hold this level strongly as the buyers are now stepping in.
Conclusion: The Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading above the $45,000 mark which is an extremely bullish sign. On the lower timeframes, the price is forming higher highs and is breaking above resistances quickly. It indicates that the buying pressure is increasing and there is a good chance that Bitcoin has already put the bottom in. However, we will still be trading Bitcoin with caution and will use tight stop-loss on our trades.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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