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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around $64,500 and is cooling down from the big breakout it had yesterday. The major crypto-asset put a new all-time high of $66,974 and is now having a minor correction on the smaller timeframes. We can expect BTC to take a breather here before we see another leg up towards the $70,000 mark.
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Analyzing the Charts
On the smaller timeframes, the first level we are watching for Bitcoin right now is the $64,200 mark. This area was acting as resistance previously and now we must hold it as support in order to stay bullish in the short term.
As long as Bitcoin is trading above this support we are still extremely bullish and will be expecting another upward movement soon. However, if we do break below this level, we can see some healthy correction for BTC and the next support we will be eyeing is at the $62,600 mark.
On the other hand, if we continue towards the upside steadily the first resistance level we will need to get above is the $66,200 mark. Once we get above this level we will be interested in longing BTC and can expect it to put a new all-time high again.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still moving in an uptrend and the next major target we are eyeing now is the $70,000 mark. Right now, Bitcoin is having a slight correction and once it recovers from it we can expect it to make another move up. The momentum is on Bitcoin’s side, and it is likely we have another bullish month for the crypto king in the future.
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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