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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $43,700 mark and is still looking bullish in the immediate short term. As mentioned in our previous analysis, the price did face rejection at the $44,000 mark and is now coming back to retest it again. BTC was moving within a downtrend for the past few weeks and if we see the current momentum continue, things can turn extremely bullish. Let’s take a look at the latest Bitcoin charts to see where the price is headed next.
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Analyzing the Charts
Bitcoin is currently trading just below the resistance at $44,000 and is likely to break above it in the coming hours. We can see on the 1-hour timeframe that the price is forming a bullish flag that can break out anytime.
If the structure does play out in the coming hours, then our breakout target for Bitcoin would be around $45,600 region.
The breakout target is just below the $45,800 mark where we are likely to face the next resistance for Bitcoin. It is a region that was holding the price well before the recent sell-off.
On the other hand, if the price again faces rejection at $44,000 we could see a small sell-off once again. In that scenario, the support we would like BTC to hold is the $42,500 mark which it flipped recently.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is looking quite bullish in the immediate short term, and we can expect it to make another move soon. The price is forming a bullish structure, but we will wait for it to get above $44,000 first. Once the price gets above $45,800 it is highly likely that it will continue its bullish run once again. In long term, we still have our eyes set on a $100,000 Bitcoin.
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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