What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $57,000 mark and is moving within a consolidation range for the past several hours. The price is facing some resistance at $57,700 and is currently trying to retest this level. It is likely that Bitcoin will break above this level soon and we will be heading towards higher targets.
You can trade Bitcoin with leverage on Bybit. By using our link, you can get up to a $600 bonus. (Bonus may vary based on deposit amount)
Claim up to $30,030 in Bonus
Analyzing the Charts
If we take a look at the smaller timeframes we can see that the price is bouncing between the resistance at $57,700 and the support at $56,600.
The $56,600 level was our previous resistance, and we can now expect it to act as support. As long as we are trading above this level, we can expect another move towards the upside soon.
If Bitcoin manages to break out of this consolidation phase, the next target we will be looking at would be around $59,600.
On the other hand, if we drop below $56,600 and close a 1-hour candle below it we could see a little sell off towards the $55,800.
The $55,800 level has acted as resistance previously so it is likely we will bounce back from this level.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is still looking quite bullish and is moving steadily towards the upside. Right now Bitcoin is nearing the $60,000 mark and once the price gets above it we can expect to see a new all-time high for Bitcoin soon.
However, we will also be trading with extreme caution as the price has been moving up for several days and a correction is always on the card.
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.
Claim up to $7000 in Bonus