Table of Contents
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $58,000 mark and is looking quite bullish in the immediate short term. As we mentioned in our previous analyses BTC was facing resistance at the $57,700 mark and has now finally broken above it. We did saw a drop in price in the past 48 hours but it seems like Bitcoin is back on track in no time.
Margin traders can trade Bitcoin and Ethereum with up to 100x leverage on ByBit. Use this link to sign up and earn a free bonus on your initial deposit.
Analyzing the Charts
If we take a look at the charts, we can observe that Bitcoin is making a higher-high on the 1-hour timeframe and is looking quite bullish. Previously BTC formed a lower-high on the shorter timeframes which is why we were expecting it to retest lower levels.
Similarly, we can see that Bitcoin is forming consecutive higher highs on the 4-hour timeframe and is still in an uptrend.
Right now, the next level we are watching for Bitcoin is the $59,500 mark. This level has a lot of significance as it has acted as strong resistance in the past.
The $59,500 level kept the price low for weeks between March and May of this year. It was also the rejection level that triggered the sell-off in May. Once we break above this level, it is likely that we will be heading towards a new all-time high for Bitcoin soon.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is looking bullish at the moment and we can expect it to make another big move towards the upside in the coming days. Right now, we will be observing the $59,500 level closely and will trade around this level. If we manage to break above this level convincingly in the coming days we would b interested in longing Bitcoin.
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.
Copy Trading with PrimeXBT Covesting
Tired of the hassle that comes with technical analysis? If so, PrimeXBT Covesting allows you to mimic experienced traders. Sign up with our link today.
[primexbt]
