Bitcoin (BTC) Price Analysis: Short-Term Bullish, But Correction Risks Remain

Bitcoin is currently sitting around the $115,000 mark and is still looking bullish in the immediate short term. As anticipated in our previous analysis, BTC managed to break above the immediate resistance around the $114,000 mark and is now moving higher towards the resistance at $117,000. Bitcoin has been consolidating for the past couple of weeks within the same zone, and a move above $117,000 could be a strong positive sign for the bulls. Let’s take a quick look at the latest BTC charts to see where the price could be headed next in the short term.

Key Takeaways

• Bitcoin is consolidating around $115,000 with $117,000 as the key resistance to break.
• A minor correction toward $114,000 or $113,000 support is possible before the next move.
• A clean breakout above $117,000 could open the path toward $120,000 and beyond.

Analyzing the Charts

If we look at the latest 4-hour charts for Bitcoin, we can see that the price managed to gain solid momentum after breaking above the resistance at $114,000. Right now, Bitcoin is trading just below the $117,000 resistance and seems to be dipping slightly with a couple of red candles. However, the broader trend on the 4-hour charts still looks bullish, as the price is forming a series of higher highs and higher lows.

We can also see on the RSI that BTC has stepped into overbought territory on the 4-hour timeframe, so a retest of support here looks very likely. Ideally, Bitcoin should bounce from $114,000 and attempt to break above $117,000. However, a retest of the crucial zone around $113,000 and below is also possible.

If we switch to the 1-day timeframe, the trend here seems similar, except for the high BTC is posting right now, which is turning out to be the first lower high in a series of higher highs. However, the trend could still continue if Bitcoin manages to break above the $117,000 mark and volume starts to flow once again. If the price gains momentum with a break above this resistance, the next level to watch for BTC is the $120,000 mark, which has acted as strong resistance in the recent past.

Regaining bullishness here will once again set our sights on the all-time high around $124,000, and our Bitcoin price prediction for the coming weeks will also start leaning bullish.

Final Takeaway: What is Next for Bitcoin (BTC)?

Bitcoin is currently looking solid on the 4-hour timeframe as it continues to move in an uptrend. A minor correction is possible, as we are seeing a few red candles right now, but if bulls manage to hold support levels in the immediate short term, the price could challenge the $117,000 mark once again. If Bitcoin breaks above the $117,000 mark in the coming days, it will be a bullish signal for the price. However, the trend is not showing the same strength it did previously, so we will be treading carefully.