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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below $61,000 and is gaining bullish momentum after retesting the support at $60,000. As pointed out in our previous analysis BTC broke below the support $62,200 and fell to our breakdown target of $60,000. This current support level is significant and it is possible that the correction for BTC might bottom here.
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Analyzing the Charts
If we take a look at the 1-hour charts, we can see that the price is showing rejection of the $60,000 mark and we are bouncing back towards the upside.
Now the resistance we will be watching for Bitcoin is the previous support that we had at $62,200. Once we break above this level in the coming hours we can expect another nice move towards the upside.
Also, even on the 4-hour charts, we can see that the $60,000 region has acted as strong support. It has been holding the price for quite a while and we might not break below it anytime soon.
On the other hand, we can also see some sideways movement from Bitcoin in the coming days as the altcoins have started to rise as well.
Conclusion: Where is Bitcoin (BTC) Headed?
Bitcoin is still looking bullish in the mid and long term and we are expecting it to put a new all-time high in the coming weeks. The next major target we are looking for BTC is above the $70,000 mark and we are also expecting to see an $84,000 Bitcoin minimum by the end of the year. Right now the momentum is on BTC’s side and we are also seeing some positive news regarding crypto. In the short term, we can also expect Bitcoin to make another leg up soon.
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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