What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $64,000 mark and is still looking bullish in the short term. The price went to the $64,500 mark a few hours ago and almost retested our previous all-time high. After facing rejection at this level, BTC is now trading sideways and could continue in this direction before making another move.
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Analyzing the Charts
If we take a look at the smaller timeframes to analyze our targets for the immediate short term the first level we will be watching is the resistance at $64,500.
Once we start closing multiple 15-minute candles above this level we would be rallying to challenge the previous all-time high at around $64,800.
On the other hand, the support we will be watching in the immediate short term is at the $63,700 level.
As long as we are trading above this support, we would be expecting a breakout. Bitcoin is also forming a bull flag on the smaller timeframes, and we can expect a breakout towards $65,800 if we break the resistance in the coming hours.
Once Bitcoin breaks it’s previous all-time high the buying pressure is likely to increase, and we can expect another rally.
Conclusion: Where is Bitcoin (BTC) Headed?
Bitcoin is still looking quite bullish in the short term and is carrying excellent momentum for the past several days. Right now, everyone is looking at the previous all-time high of $64,890 and once we break above it BTC will go into price discovery mode. If the buying pressure increases, we can expect to see a $70,000 Bitcoin soon. On the other hand, we could also see a correction if we see a big rejection at a previous all-time high.
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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