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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around $40,500 and is looking quite bullish in the short term. As predicted in our previous price analysis, BTC did bounce back from the support at $37,400 and successfully broke above the crucial resistance at $39,500.
Our next target for Bitcoin is the $42,400 region. We have already tested this area a couple of times recently and might finally break above it this time.
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Analyzing Bitcoin (BTC) On Smaller Timeframes
If we take a look at the 30-minutes timeframe, we can observe a couple of new horizontal levels we need to watch in the short term. BTC was facing minor resistance at $41,200, and that sent the price back to its new short-term support at $40,000.
We can expect Bitcoin to move sideways between these two levels in the coming hours. A break above $41,200 will be our confirmation of a retest of $42,300 level.
On the 15-minutes timeframe, we can see that the price was moving within the descending channel and has recently broken out of it.
We are expecting the price to go sideways for a while, so we might not be able to break above $41,200 even after this breakout.
We can also analyze the 1-hour timeframe to get a bigger picture of where we are headed. It shows that the price is consolidating between $37,400 and $42,400 for a while. It is only a matter of time we get above this level and start moving towards $50,000.
We are rallying up to retest the top of this region for the third time. If it manages to break above, we will be nearing the resumption of Bitcoin’s bull run.
Conclusion: Will Bitcoin (BTC) Go Higher?
According to our current price analysis, Bitcoin is still looking bullish. We can expect the price to stay below $41,200 for the next few hours, but we are looking good to get above it. Once we retest the $42,400 region, we will observe how the price reacts and trade BTC accordingly.
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