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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $42,900 mark and seems to have finally broken above a crucial resistance level. The price was respecting the resistance around $42,500 for almost three weeks and has finally broken above it. Bitcoin must also close the day above this crucial mark to sustain the momentum for the coming days. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin, we can see that the price has already closed a candle above the resistance level. If BTC closes another 4-hour candle here in the coming hours it could be an indication of further bullishness.
If we do see Bitcoin close consecutive candles here, we will be aiming for the $44,700 mark once again. The $44,700 mark is an important zone that has been acting as strong resistance for months. Breaking above this level could mark an end to months-long consolidation and will be an extremely bullish sign for Bitcoin.
The price has been consolidating below this level for months now and bulls would really like to push above it now.
On the other hand, if BTC fails to hold the $42,500 mark in the coming hours and drops below its things will get bearish again. The critical support zone we will be watching in that scenario is the $40,700 mark.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is currently trading above a crucial resistance level and is looking bullish in the immediate short term. The $42,500 mark has been keeping the price for weeks and it seems like we have finally broken above it. Once the price flips this level into support the next crucial area to watch will be the $44,700 mark. The $44,700 mark is the price level that BTC needs to break convincingly to break out of this consolidation zone.
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