What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around $57,600 and is looking quite bearish in the immediate short term. As mentioned in our previous analysis, BTC was forming a symmetrical triangle on the 1-hour timeframe and did manage to break above it. However, it did not meet the breakout target and a sell-off was triggered around the $59,400 mark. Let’s take a look at what we can expect from Bitcoin in the immediate short term.
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Analyzing the Charts
If we take a look at the charts we can see that BTC is now facing resistance even below the $60,000 mark. We saw a rejection for the triangle breakout around the $59,400 mark and are now coming to retest the top of the structure once again.
It is likely that we won’t bounce back from the top of the structure and will be headed lower. The level we will be watching in this scenario is the $55,700 mark. It is a strong support area that BTC has held nicely in the past.
However, we have tested this level several times in the recent past and there is a good chance we might fail to hold it this time. If that happens, we can expect further correction for Bitcoin. The region we would be looking for support in this scenario is the $53,700 mark.
$53,700 is an important level that has acted as strong resistance in the past. If we fall to this level, there is a good chance BTC will bottom out here.
Conclusion: What to Expect from Bitcoin (BTC) Next?
Bitcoin is still in the correction phase and we can expect it to fall a bit lower before we see another rally. In the long term, we are still extremely bullish on BTC and are expecting it to break above $70,000 by the end of the year. In the short term, we would be observing Bitcoin closely but won’t be placing any trades on it.
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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