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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $61,000 mark and is looking quite bullish in the immediate short term. It has broken above the $60,000 mark convincingly which is an important level as discussed in our previous analyses. BTC has also closed several hourly candles above this crucial resistance point and the buying pressure is also increasing.
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Analyzing the Charts
The most important level we will be watching for Bitcoin right now is still the $60,000 mark. It is vital for BTC to stay above this level to make another leg up in the coming days. Right now Bitcoin is trading comfortably above this level after bouncing back nicely from the $58,000 level.
On the other side, the resistance level we will be watching for Bitcoin right now is the $61,600 region. This area has acted as both resistance and support on the shorter timeframes and we must break above it to be on the safer side.
Once we start closing candles above this level we would be interested in accumulating more BTC and can expect it to make another try at putting a new all-time high. Also, we have already put a higher high on the shorter timeframes which means that the trend is now bullish on the shorter timeframes.
Conclusion: Is Bitcoin (BTC) Bullish?
Bitcoin is looking quite bullish on the shorter timeframes after bouncing back from the $58,000 mark. It is now trading comfortably above the $60,000 mark and it is possible that the previous dip was just a bear trap. Right now, we will be watching the $61,600 mark and will be interested in longing Bitcoin if we break above it convincingly.
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