Bitcoin (BTC) Price Analysis: Resistance at $32,200 (01-Jun)

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $31,500 mark and has been going sideways since yesterday. The price has broken out of a crucial zone after weeks of consolidation, and things are looking pretty bullish for BTC at the moment. The trend has changed on the lower timeframes, and momentum seems to be on Bitcoin’s side. However, the trading volume is still quite low, and we won’t see another breakout for BTC until the volume starts flowing. 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 latest 1-hour charts for Bitcoin, we can see that the price is currently facing resistance around the $32,200 mark. There currently isn’t enough volume to push the price above this level, and it has been rejected twice on the 1-hour timeframe.

It is likely that the price will now retest the $30,800 mark as support before making another move towards the upside.

Once the price breaks above the $32,200 mark, the next level we will be eyeing for Bitcoin is around $34,800, it is an area that has previously acted as resistance and support, and BTC will most likely touch it before the selling pressure increases.

Also, if we switch to the 2-hour timeframe, we can see that Bitcoin is currently forming a bull flag. It is a positive sign for the price and indicates that BTC will climb further in the immediate short term.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is finally moving in an uptrend on the lower timeframes, and we can expect it to jump further in the coming days. The price has been consolidating for a while now, and a relief rally here is likely. We are currently interested in taking long positions on BTC, and the target we will be eyeing is just below the $35,000 region.

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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