What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $61,000 mark and has been going sideways for the past several hours. As mentioned in our previous price analysis, BTC is facing resistance at the $62,500 level and we must break above it to achieve a new all-time high in the immediate short term. Once Bitcoin breaks its previous all-time high it can go in price discovery mode, and we can see a big run in the coming days.
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Analyzing the Charts
On the 1-hour chart, we can observe that we have strong support at the $59,500 level. It is an area that has acted as strong resistance previously, and we are likely to stay above it.
We can also see Bitcoin is currently forming a bull flag on the 4-hour timeframe and we can expect to breakout soon.
When the price breaks out of this flag pattern, we can expect a breakout towards the $68,000. If that happens it will put Bitcoin at a new all-time high.
However, we can also expect some resistance around the $64,800 mark, which was our previous all-time high and could act as resistance.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading just below its previous all-time high and is moving in a strong uptrend. It is likely that Bitcoin will put a new all-time high in the coming days and we will be heading towards a $70,000 Bitcoin soon. Right now, all the timeframes are bullish for BTC and if it breaks above $62,500 we would be interested in longing it.
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