What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $60,500 mark and is looking bearish in the immediate short term. In our previous analysis, we talked about the support at $65,500 that BTC needed to hold to stay bullish on shorter timeframes. As soon as we lost the support the price dropped significantly as we saw a big sell-off for Bitcoin. Let’s take a look at what this price action means for BTC in the near future.
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Analyzing the Charts
The important level we would be watching for Bitcoin right now is the $60,000 mark. It is a level that has held as strong support in the past and we can expect a nice bounce back from here.
We have seen Bitcoin test this level several times in the past and we were able to see a nice bounce-back every time.
However, if we lose this level too, we can expect some more correction for Bitcoin in the coming days. The immediate support we will be watching after losing this support is the $57,900 level. It has acted as both support and resistance in the past and we can expect some buying pressure there.
As long as BTC is trading above $60,000 we are still bullish on it in the short term. Bitcoin has been going up for weeks now and a correction at this level is healthy for the Bitcoin price action.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently going through a correction, and we are still bullish on it in the long term. BTC has been in an uptrend for several weeks now and these small corrections are natural. Right now we would not be making any trades on Bitcoin and will wait for a bounce-back confirmation before accumulating more BTC.
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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