What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just around the support near $66,500 and is still looking bullish in the short term. Right now, the price is hovering around the $66,300 mark and we can expect it to bounce in the coming hours. We did see BTC put a new all-time high a couple of days ago and are now expecting it to touch the $70,000 mark soon.
Margin traders can trade Bitcoin and Ethereum with up to 100x leverage on ByBit. Use this link to sign up and earn a free bonus on your initial deposit.
Claim up to $30,030 in Bonus
Analyzing the Charts
If we take a look at the charts we can observe that the price is being held around the $66,500 region. We can see a few wicks down below but the support is being respected. We can also see that the price action is forming a symmetrical triangle which is a bullish pattern.
A symmetrical triangle is a neutral pattern where the price can break in either direction. We can already see that this pattern is bullish as the price is breaking out right now.
The breakout target for this pattern would be around the $70,000 mark. It would be interesting to see how the price reacts to this level. If the buying pressure continues to increase we could also be heading towards our higher target of $73,000.
The $73,000 mark is also the target for our breakout of the symmetrical triangle on the 1-Day timeframe that we discussed in one of our previous analyses.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is still looking extremely bullish and we are still aiming for that $100,000 target in the long term. Right now the fundamentals are also on BTC’s side as we are seeing positive news coming out every day. In the short term, we are eyeing the $70,000 target and it is likely that we will be touching that mark in the coming hours.
Margin Trading for Beginners
If you are interested in leverage trading Bitcoin, you can go through our Margin Trading Guide to learn more about it. You can also check our list of top crypto exchanges to choose the platform that best suits your needs.
Copy Trading With PrimeXBT
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” with our link.
Claim up to $7000 in Bonus