Table of Contents
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below $62,500 and is looking extremely bullish in the immediate short term. We can clearly see that BTC is in an uptrend on all the major timeframes, and we can expect another leg up soon. It is highly likely that the next leg for Bitcoin will put it at a new all-time high of around $65,000.
If you are looking to leverage trade Bitcoin up to 100x, sign-up on ByBit today. You can also use this link to claim a bonus on your first deposit.
Claim up to $30,030 in Bonus
Analyzing the Charts
If we take a look at the 1-hour charts we can observe that Bitcoin is currently going sideways and is facing some resistance at the $62,500 mark.
The $62,500 mark is the previous top we put on the 16th of October and we are facing resistance at this level again in the short term.
However, once we get above this level the next target, we would be looking for Bitcoin would be around $64,800 (previous all-time high).
On the other hand, if we fail to break above this level, the support we would be watching for Bitcoin is around the $59,500 mark.
However, this scenario is highly unlikely as we are in a clear uptrend and the momentum is bullish. Bitcoin is also currently trading above all the moving averages on most timeframes which is another indication that we are likely to see another leg up.
Conclusion: What is Next for Bitcoin (BTC)?
Right now Bitcoin is trading just below $62,500 and it is not too far away from its previous all-time high. We can expect Bitcoin to break above its previous all-time high in the coming hours and once we get there we can expect another price pump. Breaking above all-time high will send the asset in price discovery mode and we might see a $70,000 Bitcoin soon.
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.
Copy Trading with PrimeXBT Covesting
Tired of the hassle that comes with technical analysis? If so, PrimeXBT Covesting allows you to mimic experienced traders. Sign up with our link today.
Claim up to $7000 in Bonus