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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just around the support at $66,500 and is barely holding the level. BTC has been looking quite bullish for the past few days as it soared to a new all-time high of $68,500. As mentioned in our previous analyses, we are also expecting Bitcoin to touch the $70,000 mark soon. However, it is vital for BTC to hold the $66,500 level and maintain the bullish momentum to get there in the coming days.
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Analyzing the Charts
If we take a look at the 30-minutes charts for short-term analysis, we can observe that BTC is barely holding the support at $66,500. It is vital for Bitcoin to hold this level in the short term and if we bounce back from it in the coming hours we can expect a price pump towards $70,000. The resistance level we will be watching in that scenario is the $68,300 mark. This level has been holding the price down on the shorter timeframes.
On the other hand, if we start closing multiple 30-minutes candles below our current support zone we can expect some correction for Bitcoin. In that case, the next support level we will be watching for Bitcoin would be around the $64,300 mark.
We can also spot a descending channel for Bitcoin and can expect to trade within it if we lose the support at $66,500. Also, once we move above this channel we can expect a nice breakout.
Conclusion: What is Next for Bitcoin (BTC)?
On the shorter timeframes, Bitcoin is trading around a crucial support level. If the price falls below this level we can expect minor correction for Bitcoin. However, if we bounce back we would once again be expecting Bitcoin to put a new all-time high around the $70,000 mark. Remember, Bitcoin has been going up for several weeks now and a correction is always around the corner. That is why we would be trading with caution in the coming days.
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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