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What is Bitcoin (BTC) Doing Right Now?
Bitcoin (BTC) is currently trading above the resistance at $45,300 and is looking quite bullish. As discussed in our previous price analysis, the price did bounce back from the $42,300 region and pumped towards $45,300.
Right now, BTC is taking a breather and preparing itself for the next bullish targets. We could also witness another price spike as buying volumes are increasing.
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What Are the Next Levels to Watch for Bitcoin (BTC)?
The next level we need to watch for BTC is the $45,800 region. Past data suggests that this level has plenty of significance and will act as resistance to the price.
The chart shows that BTC did face plenty of resistance around the $45,800 level and took a plunge after retesting it several times. If we were to see the resumption of our bull level, we must break above this level in the next few days.
Currently, we are just trading around this region and must close at least two hourly candles above it. If that happens, we will use this area as a support level while rallying towards the next target of $49,000.
On the other hand, if BTC fails to hold above this level, we could see a move towards the $42,400 level. This is an important region, and we must hold it to stay bullish in the short term.
If we fail to close multiple hourly candles above $45,800, this scenario is likely to play out. It would only be a correction and healthy for BTC’s price.
Conclusion: Where is Bitcoin (BTC) Headed?
As of now, Bitcoin can go in either direction. We are currently trading around the $45,800 region, and the price is looking quite bullish. However, we must close a few candles above this region to make a bigger move. If we fail to achieve that, our next target to watch is the strong support at $42,400.
We will see how the price plays out in the next couple of hours and will trade BTC accordingly.
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