What is Bitcoin (BTC) Doing Right Now?

Bitcoin has broken above $55,000 for the first time since May this year and is looking extremely bullish at the moment. The price has been pumping hard for the past few days, and we are finally headed towards the next leg of our bull run. If things keep moving at this pace, we can expect BTC to put a new all-time high by the end of this year.

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Analyzing the Charts

As per our previous analysis, the level we were watching for Bitcoin was the $53,700 – $53,800 region. Right now, we can see that BTC has broken above this level convincingly and has put a new resistance around the $55,500 mark.

Bitcoin has not touched the $55,000 mark in a long time, and it’s also an indication that we are trading above all the short-term resistances that were holding us back.

The major resistance we were facing was the last top at $52,900. Now, we have broken above this level and might retest to flip it as support in the coming hours.

If we manage to retest this support and bounce back successfully, we will be retesting the $55,500 mark once again. Once we break above this resistance, the next level we will be aiming for would be around $58,000.

Conclusion: Where is Bitcoin (BTC) Headed Next?

Bitcoin is looking extremely bullish at the moment, and we are now in the next leg of our bull run. The first level we will be watching now is the $58,000 mark, and once we break above it, we would expect BTC to put a new all-time high in the coming weeks.

However, we will also trade with caution and only enter our trades around the support levels to be safer.

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