What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just below the resistance at $61,600 and is trying to get above it once again. In our previous analysis, we did mention that BTC is struggling to hold this level on shorter timeframes and is failing to flip it into support. Right now, Bitcoin is retesting this resistance and is going sideways before making a big move.

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Analyzing the Charts

If we take a look at the 4-hour charts we can see that things are still looking quite bullish for Bitcoin. The price did break out of the trendline resistance we were facing on the 4-hour timeframe and has also successfully retested it.

However, we can also see that even after the retest of the trendline BTC is still facing resistance at the $61,600 mark.

What we are looking at now is for Bitcoin to break above this resistance and put a higher high on the 4-hour timeframe. The price might have broken above the trendline but we are still seeing consistent lower highs for BTC.

Once we break above the horizontal resistance and put a higher high, we can expect a nice breakout for Bitcoin. We will have to wait and see how this pans out for Bitcoin and will trade accordingly.

Conclusion: What is Next for Bitcoin (BTC)?

Bitcoin has been consolidating for a few days now and we have not seen any major changes in the price. Right now Bitcoin needs to break above $61,600 convincingly on shorter timeframes. Once we have flipped this level as the support we can expect further bullish movement for Bitcoin. In the long term, BTC is still looking solid and we are aiming for a new all-time high for the crypto King in the coming weeks.

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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