Bitcoin (BTC) Price Analysis – Reversal on The Cards

What is Bitcoin Doing Right Now?

Bitcoin is currently trading just below $39,000 and has shown significant momentum in the past few hours. We can observe on the hourly timeframe that the price is looking quite bullish and is headed towards the $40,000.

The first level Bitcoin needs to get above is the $39,500 mark. This level has acted as strong support in the past, and we will face high resistance here. Once we start closing candles above this level on shorter timeframes, it would be confirmation of a possible bullish reversal.

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Next Levels to Watch for Bitcoin

The first and the most important price level we need to watch for Bitcoin is again the $39,500 region. When we get above this level, we can confirm that the price is bullish once again.

We can see in the above chart that the bulls are eyeing this area and using it to keep the price up. Once we get above this level, our next target will be $42,300.

The important region we need to watch here is the area between $39,500 and $40,500. This is the level that has been keeping the price low for the past few months, and we must get above it to resume our bull run.

This 4-hour chart also shows how the price has been struggling within this region for the past few months.

Conclusion: Where is Bitcoin Headed

Bitcoin is currently eyeing the $39,500 region and must break above it to gain more momentum. It is showing a nice spike on the shorter timeframes, but we will wait for our confirmation before making any trade. If BTC closes a few candles above $39,500 on the 30-minutes chart, we will be interested in entering a long-trade.

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