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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $47,000 mark and is looking extremely bullish in the immediate short term. The price has finally broken above the $46,000 level for the first time in months and the buyers have started to step in. The previous resistance we were watching for Bitcoin was around the $44,600 mark and as soon as the price got above it, we saw a major breakout. We also pointed out the possibility of this breakout in our previous analysis published on Friday. Let’s take a look at the BTC charts once again to see where the price is headed in the coming days.
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Analyzing the Charts
If we take a look at the latest charts for Bitcoin we can see that the price is comfortably trading above the previous resistance at $44,600 and is gearing up for another move. The next level we will be watching for Bitcoin is the $48,100 mark. It is an area that has acted as both support at resistance in the past.
Also, if we switch to the 1-day timeframe for BTC, we can clearly see that the price has closed a 1-day candle above the $44,600 mark. This is the first time since January we have seen Bitcoin close a candle above this level. There is a decent chance that the uptrend will resume once again and BTC will get above $50,000 once again.
Bitcoin could also come back to retest the support at $44,600 in the coming days and we will see it as a nice entry point for our next trade.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is looking extremely bullish at the moment as it is trading above a major resistance level. The price has finally conquered the $46,000 region and will likely touch the $48,000 mark in the coming days or even hours. Right now, we will wait for BTC to retest the $44,600 mark and will be interested in accumulating more Bitcoin at this level.
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.
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