What is Bitcoin (BTC) Doing Right Now?
Bitcoin is still trading around the support at $60,000 and is struggling to break above it for the past several hours. As mentioned in our previous analysis, $60,000 is a crucial level for Bitcoin and whether we stay above or break below it will tell us about the price action in the short term. BTC might be going through a correction phase currently, but we are still expecting it to reach that $70,000 mark in the coming weeks.
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Analyzing the Charts
If we take a look at the 1-hour charts we can clearly observe that the bulls are trying to hold this level. Whenever we fall below $60,000 we see a significant increase in buying pressure that pushes the price up again. Similarly, the bears also keep pushing the price down regularly.
If we switch to the 30-minute timeframe we can also observe that the Bitcoin price is being squeezed towards the middle. BTC is currently forming a symmetrical triangle and it can break in either direction.
If we do break above this structure, we can expect to touch the $63,600 mark where we are facing strong resistance.
On the other hand, if we break below this structure in that case we can see further sell-off. The level we will be watching in that scenario is the support at $56,300.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is currently trading around a crucial support level and can go either way in the short term. We will be watching this symmetrical triangle closely and would trade BTC accordingly. However, on the macro scale, things are still looking quite bullish for Bitcoin and we are expecting it to put a new all-time high soon.
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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