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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $60,000 mark and is looking quite bearish in the immediate short term. As discussed in our previous analyses, the $60,000 mark is a crucial level for Bitcoin and if we fall below it we can expect a bigger price correction. BTC must bounce from this level in the coming hours to keep the trend bullish.
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Analyzing the Charts
The first crucial level to watch for Bitcoin is the $60,000 mark as it has acted as strong support in the past. Once we lose this level we could see a deeper correction for Bitcoin and it will take some time before we see a new all-time high for Bitcoin.
If we do end up losing this support, the next level we can expect Bitcoin to hold is the $58,000 mark.
The last time we broke below $60,000 we found good support at $58,000. It is also possible that this time we would go further down towards the $56,000 level.
On the other hand, if we bounce back from $60,000, the resistance level we will be watching is the $61,600 mark.
We have been facing strong resistance around this level for the past few days and have seen rejection several times. BTC did break above this level for a while, but the selling pressure pushed the price down again.
To break above this resistance Bitcoin will need to close at least a couple of 4-hour candles above it. We would not be trading Bitcoin before that.
Conclusion: How is Bitcoin (BTC) Looking?
Right now Bitcoin is in a critical region and it could go either way in the coming hours. On the bigger timeframes, we are still bullish on Bitcoin and are expecting it to retest its all-time high in the coming weeks. However, right now we will wait and see which level Bitcoin breaks first and whether we are going up or further correction is on the cards.
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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