Table of Contents
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above $47,000 and is facing resistance at the $48,000 mark. The price of BTC has been bullish for the past weeks and is consistently going upwards. In this price analysis, we will take a look at some important horizontal levels we need to watch in the immediate 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 $1610 bonus! (Bonus may vary based on deposit amount)
Important Levels to Watch for Bitcoin (BTC)
The first and the most important level we are currently watching is the $48,000 region. We can observe on the 1-hour timeframe that BTC is facing strong resistance around the $47,900 mark. We have already rejected this area a few times in the past couple of days.
Once we break above this area, we can see a breakout towards the $50,000 region. However, we can also expect some resistance at $49,000.
On the other hand, if we see Bitcoin moving in the other direction, the target we need to watch is the $46,700 region. This level will act as our immediate support, and the longer we stay above it, the sooner we will get to $50,000.
If we fall below this level, then we will be looking at our strong support at $45,000.
We can also see that the price of Bitcoin is moving within an ascending triangle, and another breakout is on the cards.
However, we might see some sideways movement in the next several hours before finally breaking out of this structure. The price can also break below this structure if the trading volume drops or we see some bad news for Bitcoin.
Conclusion: Where is Bitcoin (BTC) Headed?
Bitcoin is currently trading just below the $48,000 region and is consistently trying to break above it. The momentum is with BTC, and we are expecting it to reach the $50,000 mark before making any corrections. We are still bullish on Bitcoin in the short term and will be trading it around the above-mentioned levels.
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.
PrimeXBT Covesting
Tired of the hassle that comes with technical analysis? If so, PrimeXBT Covesting allows you to mimic experienced traders. Sign up with our link today.
