Table of Contents
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $42,700 mark and is looking quite bullish in the short term. The price managed to break above a significant resistance just below $39,000 on Friday and is still carrying the momentum. The next target we are eyeing for Bitcoin in the immediate short term is the $43,600 mark. It is a crucial level, and it would be interesting to see how the price reacts to see. Let’s take a look at the latest 1-day charts to see where the price is headed in the short term.
ByBit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $4,100 bonus! (Bonus may vary based on deposit amount)
Analyzing the Charts
If we take a look at the 1-day timeframe for BTC we can see that the price was moving within a downtrend since November. The trend seems to be breaking at the moment as Bitcoin has moved out of this falling wedge it was respecting on this particular timeframe.
We did mention this falling wedge several times in our previous analyses and how crucial it is for Bitcoin to break above it. Right now, the first level of resistance we are watching for Bitcoin is the $43,600 mark.
It is the region that was keeping the price low in January, and we can face strong resistance here.
If the price does break this resistance in the next few days, we will be quite bullish on Bitcoin and would be eyeing the lower $50,000 levels once again.
The main target we would be eyeing here is around the $50,600 mark. However, we could face other potential resistances on lower timeframes as well.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin has finally broken out of a downtrend on the 1-day timeframe and is looking bullish in the short term. It is crucial for Bitcoin to keep this momentum and break above the $43,600 mark in the coming hours or days. The buying pressure is slowly increasing, and we could see more buyers step in if this resistance breaks.
Margin Trading for Beginners
If you are interested in leverage trading Bitcoin, you can go through our Margin Trading Guide to learn more about it. You can also check our list of top crypto exchanges to choose the platform 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 a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.
[primexbt]
