Bitcoin (BTC) Price Analysis: Can It Hold the Support at $46,700?

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading below the $46,700 mark and is looking slightly bearish on the lower timeframes. As mentioned in our previous analyses, the resistance we are currently watching for Bitcoin is the $48,100 mark. The price is struggling to break that level at the moment and BTC can fall lower before making another move towards the upside. Let’s take a quick 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 latest charts for Bitcoin, we can see that the price is currently trying to break below $46,700. It is the zone that has been holding the price up for the past three days and breaking below it could mean a minor correction for Bitcoin. The next level we will be watching for Bitcoin in that scenario is the $44,600 mark.

The $44,600 mark has a lot of significance as it was previously acting as a major resistance level. The price was trading below it for over three months, and we can expect this level to act as strong support this time.

This minor correction could also prove healthy for the price action. Bitcoin can grab liquidity at the $44,600 mark and bounce back to break above the resistance of $48,100.

We would also see it as a nice entry point for Bitcoin if the price bounces back successfully from $44,600.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is still looking good on the majority of the timeframes, and we are still bullish in the long term. Right now, we can expect Bitcoin to retest the $44,600 mark and will see it as a healthy correction. We will also be interested in placing a long trade on Bitcoin if the price bounces off successfully.

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