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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around $61,000 and has shown a lot of volatility in the past several hours. BTC did drop below the $60,000 once again a few hours ago but it was also able to recover quickly. Right now the momentum is looking bullish and we are dealing with the resistance at $61,600. Once we get above this level we can expect Bitcoin to continue its bullish run towards a new all-time high.
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Analyzing the Charts
The most important level we would be eyeing right now is the resistance around the $61,600. We can observe on the 4-hour charts that Bitcoin is still in a downtrend and is forming a lower high. It is crucial for BTC to break above this resistance in the next few days for a trend reversal.
If we move to shorter timeframes we can see that Bitcoin tried to break above this resistance several times but is still trading below it.
We can also expect a nice breakout for Bitcoin once we get above this level. On the other hand, the support level we still need to hold is the $60,000 mark. As long as we are trading above this level Bitcoin is neutral and is not in a downtrend.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still looking bullish in the long term but for the short term, we would still be trading cautiously. BTC has shown a lot of volatility in the past 24 hours and we would not be making any trades until it gets above the resistance at $61,600. Once it stabilizes above this level we can expect it to make a steady climb towards a new 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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