Bitcoin (BTC) Price Analysis – Huge Breakout! Uptrend Resumes

1:43 pm, Tue, 2 November 21

Current Bitcoin Data

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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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