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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading above $56,000 and is looking quite bullish in the immediate short term. As mentioned in our previous analyses the price was facing strong resistance around the $55,500 mark and has now managed to break above it convincingly. Overall, BTC is looking quite bullish for October, and we can expect a new all-time high in the coming weeks if the momentum continues.
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Analyzing the Charts
If we take a look at the 1-hour charts, we can observe that Bitcoin is forming the bull-flag pattern. The price has been moving sideways since the last breakout and is now trying to break towards the upside.
If we break out of this structure successfully then the technical target for BTC would be around the $59,200 mark. However, we would still be watching the $58,000 mark first as Bitcoin could face some resistance there.
The $58,000 level has acted as resistance in the past and is a significant level to keep an eye on. We are also facing some minor resistance around $56,500 and must break above it in the next few hours.
As long as we are trading above the support at $55,500 we are bullish in the immediate short term and can expect Bitcoin to challenge the $58,000 mark soon.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is still looking quite bullish in the short term, and we are expecting it to break new all-time highs by the end of October. Right now, BTC is forming a bull flag pattern which is a bullish sign. The price is breaking out of this structure, and we can expect a pump towards the $58,000 – $59,000 level.
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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