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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $63,000 mark and is showing some bearish signs in the immediate short term. BTC did manage to put a new all-time high this week and we can now expect some sideways movement or a correction in the coming days. However, we are still bullish on Bitcoin in the long term and are expecting it to achieve high targets in the coming weeks as discussed in our previous price analysis.
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Analyzing the Charts
We are currently analyzing the 1-hour charts for Bitcoin and the first level we are watching is the $62,000 mark. It is crucial for Bitcoin to hold this level to keep the momentum bullish in the short term.
Right now it seems like we are bouncing off this level but we will wait for the price to get above $64,400 in order to get some confirmation.
However, if we break below the support the next level we will be looking at is the $59,500 mark.
The $59,500 mark is a crucial price level that has acted as both support and resistance in the past. Bitcoin faced strong resistance at this level for quite some time so we are expected to get a nice bounce from here.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is still looking extremely bullish in the long term but for the short term, we could expect some minor corrections. Right now we would not be taking any short-term trades on Bitcoin and will wait for it to bounce off of the levels mentioned above. Corrections are healthy for the price action and we have not seen any in a while for Bitcoin. That is why we would be trading with some caution right now.
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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