What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $59,500 mark and is looking extremely bullish in the immediate short term. We saw the price breaking out a couple of hours ago from a bull-flag consolidation pattern and spiking to $60,000. BTC did break above the resistance at $59,500 for several minutes but fell back below again.
It is crucial for Bitcoin to break above this resistance convincingly in order to move towards a new all-time high in the coming days.
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Analyzing the Charts
If we take a look at the charts, we can see that Bitcoin is having an incredible run and the price is climbing steadily. Right now, BTC is facing some resistance at the $59,500 level which was expected. We did mention in our previous analysis that this level has a lot of significance and breaking above it could send us towards our new all-time high in no time.
The past data in the above chart shows that the $59,500 level has acted as resistance on multiple occasions (from March to May). That’s why we need to close at least one daily candle above this level to confirm the breakout. Once the breakout is confirmed we could see a major spike towards the previous all-time high.
On the other hand, if we face rejection at this level we would be watching the support at $57,800. As long as we stay above this level, we will still be bullish in the immediate short term.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is currently trading below a crucial resistance level and once we break above it we will be eyeing a new all-time high. It is crucial that BTC breaks above $59,500 and close at least one daily candle above it. Once we break above this level the next target we will be looking at is $64,800, the previous ATH for Bitcoin.
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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