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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 analysis, the price is currently trying to break the resistance at around the $48,100 level and is aiming for higher targets. Things are not only looking great for Bitcoin, but Altcoins are also having a good time at the moment. Let’s take a look at the latest 1-day charts for Bitcoin to see where the price could head in the near future.
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Analyzing the Charts
If we take a look at the 1-day charts for Bitcoin we can see that the price is now trading above the $44,700 mark. The $44,700 mark is the region that was keeping the price low for months and BTC has successfully broken above this resistance.
We can also spot that the current resistance BTC is facing is around the $48,100 mark. It was the resistance Bitcoin faced before the January sell-off and it must break above it to sustain bullish momentum.
Once the price breaks above $48,100 the next major level we will be watching is the $51,200 mark. There is a good chance that we will see a $50K Bitcoin once the price has broken above the $51,200 mark.
There is also a decent chance that the price will retest the $44,700 mark before it continues the uptrend. If BTC goes back to retest this region and does not hold it, things could get bearish once again.
Conclusion: Is Bitcoin (BTC) Bullish?
Right now, BTC is trading just below the 48,000 mark and is looking quite bullish. It is the first time in 2022 Bitcoin has touched the $48K mark and the market is also looking quite healthy. We would ideally like Bitcoin to come back and retest the $44,700 region in the coming days before making a move towards the upside.
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