What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $63,000 mark and is looking extremely bullish in the immediate short term. BTC has been facing resistance around the $61,600 for the past few days but it seems to have broken above it convincingly. Right now, Bitcoin is facing some resistance at the $63,200 mark and we can expect another leg up soon.
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Analyzing the Charts
If we take a look at the 1-hour charts, we can observe that Bitcoin was forming a symmetrical triangle of which it has broken out.
The price was being squeezed towards the resistance at $61,600 and once it broke above we saw a huge price pump. The breakout target for the structure was around $63,700 and BTC got close to it.
This is also our new level of resistance now and this is the area Bitcoin needs to break to retest its previous all-time high once again.
We can also see that on the 4-hour charts, Bitcoin has put a higher high after going through a series of lower highs.
Putting a higher high on the 4-hour charts means that we are resuming our uptrend and can expect Bitcoin to go further higher this week.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is looking quite bullish in the immediate short term and we can expect it to retest its previous all-time high soon. Once we see Bitcoin breaking above $63,700 convincingly we will be interested in putting a long trade on it. We are also bullish on Bitcoin in the long term and are expecting it to put a new all-time high in the coming weeks.
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