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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $47,500 mark and is still looking extremely bullish in the short term. The price has finally broken above the crucial resistance around the $44,700 mark and has successfully closed a daily candle above it. Right now, things are looking positive for BTC overall and there is a good chance it will keep moving within an uptrend in the coming weeks. Let’s take a look at the latest Bitcoin charts and analyze the lower timeframes to see where the price is headed next.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts on the 1-hour timeframe, we can see that it has found some support around the $46,700 mark.
The price seems to be holding this level on the 1-hour and lower timeframes and could make a move from here. The resistance level we are currently eyeing for Bitcoin is the $48,100 mark which has historically acted as both resistance and support.
Once the price gets above the $48,100 mark things will look even more bullish for BTC. It is also highly likely that we will see a $50,000 Bitcoin once again if the price gets above $48,100 in the short term.
On the other hand, if the price does lose its current support at $46,700, the major level we will be watching for Bitcoin is still the $44,600 mark.
The area has acted as strong resistance in the past and it is likely to act as a strong support if BTC goes back to retest it.
Conclusion: Is Bitcoin (BTC) Bullish?
As highlighted in our previous analysis, Bitcoin has broken above a crucial resistance on the 1-day timeframe and things are looking quite bullish at the moment. Right now, the major support area to watch for BTC is the $44,600 mark. As long as the price is trading above it, we are expecting Bitcoin to move within an uptrend.
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