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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $48,000 mark and is struggling to hold this level as support. As mentioned in our previous analysis, BTC managed to break above $48,000 a few hours ago. However, it faced rejection around the $48,500 mark and is now struggling to flip the $48,000 level into support. If Bitcoin starts closing 1-hour candles below this level it will likely retest the lower levels again.
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 Bitcoin charts, we can see it broke out of our bullish structure but has not met the target yet. The price seems to be coming back to retest the $48,000 mark and if it holds, we can expect it to meet the target in the coming hours.
However, if the price starts closing candles below the $48,000 mark on the 1-hour timeframe, we can expect to retest our support zone once again.
Right now, this scenario seems more likely as we are entering into the weekend and it is the last day of the year. There is a good chance of a price correction this weekend.
Also, if we do come back to retest the support zone around the $46,000 region we could also hope for a potential double-bottom scenario.
It would be quite bullish for Bitcoin and could also mean that this region would be at the bottom.
Conclusion: How Will Bitcoin Conclude 2021?
It seems like Bitcoin will end 2021 under $48,000 and would walk into 2022 with higher aims. We are still bullish on Bitcoin in the long term and are still eyeing a new all-time high in the coming months. As we step into 2022 there is great hope for Bitcoin to continue its bull run. Happy New Year to all the Bitcoinsensus readers.
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