BTC Price Analysis – Breakout Towards $47,000?

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just below the $46,000 region and is looking quite bullish. The price has been moving sideways for the past few days and is bouncing back and forth between $45,100 and $46,400. It is only a matter of time we break above this zone and head towards a bigger target.

ByBit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $1610 bonus! (Bonus may vary based on deposit amount)

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

Start Trading

Analyzing the Charts

After moving sideways for a while, BTC is finally showing some bullish momentum and is headed towards the $47,000 zone.

We can see on this 30-minutes chart that the price was moving within an ascending channel and has just broken out of it. This is a bullish indicator and could take us to the $47,000 region. However, the first target we need to get above is the resistance we are facing at the $46,400 region.

Once we get above this level, we will be likely to see a proper breakout towards the $47,000 region. The price has been struggling to get above $46,400 for the past few days, and another rejection could also mean a move towards the downside.

Failing to break above this region would mean we will be heading towards $44,600 once again. It has acted as support previously, and we will have to see how the price reacts to this region.

Conclusion: Where is Bitcoin Headed?

Bitcoin is currently looking bullish and could be headed towards the $47,000 region. However, we have to wait and see how the price reacts to $46,400. If we do get above this level and close consecutive hourly candles, we could see a nice move towards $47,200 and ultimately the $49,000 region.

Trading Bitcoin With Leverage

If you are interested in trading Bitcoin with leverage, you can go through our Margin Trading Guide to get familiar with this concept. You can also check our list of top crypto exchanges to choose the platform that best suits your needs.

PrimeXBT Covesting: Copy Trading

Tired of the hassle that comes with technical analysis? If so, PrimeXBT Covesting allows you to mimic experienced traders. Sign up with our link today.