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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading above the $62,000 mark and has been going sideways for the past couple of days. As mentioned in our previous analysis, BTC is looking quite good on the 4-hour charts and we are expecting a breakout soon. However, we are also approaching the weekend and could see some more consolidation for Bitcoin in the next couple of days.
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Analyzing the Charts
The first crucial level we have our eyes on right now is the $60,000 mark. It is a region that has acted as strong support in the past and if BTC retests it again we can expect a nice bounce back from here.
However, as we are also approaching the weekend the trading volume will decline and we could also drop below this level. If we fall through the $60,000 support the next immediate support we will keep our eye on is the $58,000 mark.
On the other hand, if we keep going towards the upside steadily, the level we will need to break is the $64,200 mark. It has been acting as strong resistance and once we get above it we will be retesting the previous all-time high once again.
The Bitcoin price has been trading below this level for quite a while now and we need to break it to gain some momentum. We will be aiming just a fraction below $67,000 once we see a breakout of this level.
Conclusion: What is Next for Bitcoin (BTC)?
If we take a look at the charts for the short term we can see that Bitcoin has been consolidating for the past few days. Right now BTC needs to break above the $64,200 mark to gain some bullish momentum. Once we get above this level we would be interested in accumulating more Bitcoin as a price pump is expected. However, we would not be making any moves just right now.
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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