What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $43,500 mark and it seems to be bouncing off from the support at $42,800. The price has been moving within an uptrend on lower timeframes and seems to be going through a corrective phase right now. The current support level to watch for Bitcoin is the $42,800 mark and it would be interesting to see whether the price holds it over the weekend or not. Last weekend was quite bullish for BTC so we will also watch out for a price pump in the coming hours. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the short term.
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Analyzing the Charts
If we take a look at the 4-hour charts, we can see that Bitcoin has rejected the $45,500 resistance twice and has formed a double top.
The $45,500 region is a crucial region for BTC as it was previously acting as strong support. The price was held nicely by this level for days in January and the bulls would have to push harder to get above this level.
On the other hand, we are expecting Bitcoin to hold the support at $42,800 but it could also drop below it during the weekend. If that happens the region, we will be watching for Bitcoin is around the $41,500 mark.
The $42,500 region is important because this is where we saw the volume rise last time. It is a crucial level that buyers were eyeing and could be the next major support for Bitcoin. However, the $42,800 level is still intact and we could also see the price move within this consolidation range ($42,800 to $45,500) in the coming days.
Conclusion: The Final Verdict on Bitcoin (BTC)
Bitcoin is still a bit bullish, and we are expecting it to challenge the $45,500 mark once again. Once the price breaks above this level and gets above $46,000 comfortably, we might have a trend reversal at our hands. That means the bullish run will continue and BTC will be heading towards higher targets.
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