Bitcoin (BTC) Price Analysis – What is Happening on the Shorter Timeframes?

Bitcoin is currently trading just below the $46,000 mark and has been moving sideways for the past couple of days. As discussed in our previous price analysis, the asset is looking stable and is not showing any major bullish or bearish signs in the short term. We will need the price to break above $46,500 and retest it successfully before we make any new trades.

Margin traders can trade Bitcoin and Ethereum with up to 100x leverage on ByBit. Use this link to sign up and earn a free bonus on your initial deposit.

Score Up to $30,050 on Bybit – Just for Trading

Start Trading

Analyzing the Shorter Timeframes

If we analyze the 15-minutes charts to determine our targets for the immediate short term, we can see a clear picture of how the price is moving between the $46,500 and $45,100 region.

We can also see that the price has broken below this trendline that was being respected. The price has not fallen much, but it can still be viewed as a bearish indicator. If we do see BTC fall below $45,100, our next target to watch would be the $42,500 region.

However, we could still break above the $46,500 region and can also rally for our next target of $49,000 after retesting it.

On this hourly chart, we can see that the above trendline is keeping the price low. After facing rejection at this level, the price has been going sideways. We can also observe that the $45,100 region is nicely holding as our support. It is crucial for us to stay above this level as it will keep the trend bullish.

Conclusion: What is Next for Bitcoin (BTC)?

Bitcoin is not doing much at the moment and is moving within the region between $46,500 and $45,100. Once BTC moves out of this region, it can go in either direction. We will have to wait and see how the price plays out and would enter our trades accordingly.

Even if Bitcoin manages to break below, we could still bounce back from $42,500 after a healthy correction.

Margin Trading With Bitcoin

If you are interested in margin trading with Bitcoin, you can go through our Margin Trading Guide to get a better idea of the whole concept. You can also check our list of best crypto exchanges to choose the exchange that best suits your needs.

PrimeXBT Covesting: Copy Trading

Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” with our link.