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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $47,500 mark and is looking quite bullish in the immediate short term. As mentioned in our previous analyses, BTC is now trading above a critical zone around the $44,700 mark. It is a region that was pushing the price down for months and now Bitcoin has finally broken above it. As long as BTC is trading above this previous resistance zone we are extremely bullish on Bitcoin in the short term. Let’s take a quick look at the latest charts to see where the price is headed in the coming days.
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Analyzing the Charts
If we take a look at the latest charts for Bitcoin, we can see that the price just touched our target ($48,100) and experienced a minor sell-off after it. We can also see that the price is currently holding the $46,700 mark as support. As long, as the price is trading above this level, we are extremely bullish on Bitcoin in the immediate short term.
If we see BTC continue this momentum we will likely break above the $48,100 mark soon. The resistance level we will be watching next in that scenario is the $49,500 mark.
The $49,500 mark did act as strong resistance in the month of December so it is likely BTC will struggle a bit there.
Ideally, we would like Bitcoin to retest the $44,700 mark once again in the next few days before making a jump towards the upside. Not only, it will be healthy for the price action but will also give us a suitable entry point for our next trade.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin seems to be in a good place at the moment and things are looking quite bullish for it. The resistance it needs to get above right now is the $48,100 mark. Once the price gets above this level it is likely Bitcoin will touch the $50,000 mark once again. We are also expecting BTC to come back and retest the $44,700 level and would consider it a nice entry point for our next trade.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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