Bitcoin (BTC) Price Analysis – Huge Breakout!

7:07 am, Mon, 8 November 21

Current Bitcoin Data

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Volume (24h)
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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently breaking out and is trading just below the $66,000 mark. BTC has been consolidating for a while now and has not moved much in the past week. The price was bouncing back and forth between the $60,000 and $64,000 level and was struggling to break above. Right now Bitcoin is looking extremely bullish and we are likely to test its previous all-time high soon. The resistance level we are currently looking at is the $66,800 mark.

Bitcoin (BTC) Price Analysis 2021 November 08

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Analyzing the Charts

If we take a look at the charts we can observe that Bitcoin has finally broken above the resistance it was facing around the $64,000 region. We mentioned in our previous analyses that this level is crucial for BTC and once we break above it we would be retesting the previous all-time high.

Bitcoin Price Analysis 2021 November 08

We can now expect Bitcoin to flip the $64,000 level into support. To confirm that we will wait for BTC to retest this level and bounce back. We would also be interested in putting a short-term long trade on Bitcoin in that scenario.

BTC Price Analysis 2021 November 08

We can also see that Bitcoin is breaking out of the head and shoulders pattern we pointed out on the 4-hour chart.

Bitcoin (BTC) Price Analysis 2021 November 08

If the targets for this head and shoulders pattern are to be met we would be looking at a $70,000 Bitcoin soon.

Conclusion: Is Bitcoin (BTC) Looking Bullish?

Bitcoin is currently trading around the $66,000 mark and is looking extremely bullish in both the short term and long term. We kept talking about the bullish indicators on 4-hour charts the past few days and now we are finally seeing a breakout for BTC. Right now we are looking at the previous all-time high level for Bitcoin and are expecting to break above it coming days. Once we break above the $66,800 mark we can expect to see another big breakout for BTC towards $70,000.

BTC Price Analysis 2021 November 08

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