What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around $56,500 and is looking a bit bearish in the immediate short term. We did see a nice pump for BTC yesterday on the shorter timeframes, but it was followed by another sell-off. It also pushed Bitcoin below the support at $57,100 that we discussed in our previous price analysis. Let’s take another look at the charts to see where Bitcoin is headed next in the short term.

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Analyzing the Charts

The first level we will be watching for Bitcoin in the immediate short term is the resistance at $57,100. It is a level that was acting as support recently and now we have flipped it into resistance.

We can see that we fell below this level and faced rejection on the retest. If BTC comes to retest this level again in the coming hours, then a second rejection could trigger another sell-off.

 We will also be watching this crucial support region that has been holding the price nicely for the past couple of days.

The region around $55,800 has been holding nicely and if we manage to break above $57,100 in the coming hours, we might have a double-bottom bullish structure in play. That could also mean that $55,800 is bottom for Bitcoin.

However, if we lose this support in the immediate short term, the next level we would be watching for Bitcoin is the support at $53,800. It is a level that has acted as resistance and support in the past and we can find support around it.

Conclusion: Where is Bitcoin (BTC) Headed Next?

Not a lot has changed for Bitcoin in the past couple of days and we are still in its correction phase. As long as we stay below the support at $60,000 we can expect another sell-off for Bitcoin at any time. However, we are still bullish on Bitcoin in the long term and are still expecting it to reach higher targets in the coming weeks.

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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