What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading below the $55,000 mark and is still looking quite bullish in the immediate short term. The price has been moving sideways for the past several hours, and we can expect another breakout in the coming hours. If BTC manages another leg up, the target we would be eyeing is around the $58,000 mark.
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Analyzing the Charts
On the smaller timeframes, we can observe that Bitcoin is facing some resistance around the $55,500 mark.
Bitcoin is also forming a bull flag, indicating that we might break above this resistance soon. Once we get above this level, the next target we can expect BTC to fly towards is the $58,000 mark.
On the other hand, the support levels we will be watching for Bitcoin are the $54,100 mark and the $52,900 mark.
If Bitcoin goes through some correction in the next hours, we can expect it to bounce back from the $52,900 mark.
The $52,900 has quite a lot of significance as this was our previous major resistance. Now, we are trading above it and are likely to flip it into major support.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is trading above most resistance levels at the moment and is looking extremely bullish in the short term. We are now aiming for the $58,000 mark, and once we get there, we will be eyeing a new all-time high for Bitcoin.
However, we will also be trading Bitcoin with caution as whenever we see huge price pumps; a correction is always on the cards. If a BTC moves towards the downside in the next couple of days, it would just be healthy price action.
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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