What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the support at $62,200 and has been going sideways for the past several hours. BTC has been holding this support level nicely and we can expect it to bounce back once again if it retests it. The resistance level we are currently eyeing is around $63,600 and breaking above it could mean another leg up for Bitcoin.
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Analyzing the Shorter Timeframes
If we take a look at the 15-minutes timeframe we can see that Bitcoin is making consistent lower highs and is slowly moving towards the downside. The price is moving within a falling channel and is looking to retest the support at $62,200 once again.
A falling channel is usually a bullish pattern and we can expect a price pump for Bitcoin once we break above this structure. If we did see a breakout in the coming hours the target it is likely that we will break the resistance at $63,600.
Once we get above this level the next we would be expecting Bitcoin to retest its all-time high.
On the other hand, if we break below the support at $62,200 this falling channel might not break toward the upside. We could see a further correction and can expect the price to move towards the $60,000 mark.
However, we are expecting the first scenario to play out for Bitcoin as the momentum currently seems bullish.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is trading above $60,000 quite nicely and is getting stable before making another big move. The buying pressure has been increasing for the past few weeks and we doubt that we have seen the top for BTC already. The coming weeks can prove quite bullish for both BTC and altcoins.
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