What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $60,000 mark and is looking extremely bullish in the immediate short term. The price is currently trading above our resistance at $59,500 and we need to stay above it for several hours to confirm the breakout. If BTC manages to break above $60,000 in the coming hours we will be heading towards a new all-time high soon.
ByBit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $1,645 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 for the immediate short term, we can observe that Bitcoin is printing a bull pennant and is currently breaking out of it.
The breakout target for this pennant flag would be around $61,000, but we still have resistance at $59,500 and $60,000 levels.
The breakout of this zone will only be confirmed if we close the day above $59,500. In that case, we can also expect the price to fly towards the $64,000 mark.
On the other hand, if we face strong rejection here, the support level we will be watching for Bitcoin is at $57,800. As long as we hold this level, we will still be bullish on Bitcoin in the short term.
Conclusion: Where is Bitcoin (BTC) Headed Next?
The charts and momentum clearly suggest that Bitcoin is heading towards a new all-time high in the coming days. The level we are watching right now is the region between the $59,500 and $60,000 mark. If we end up closing the daily candle at $59,500 we can expect another rally soon. We can also expect some sideways movement in the coming day as BTC might take a breather before making another big move.
Margin Trading for Beginners
If you are interested in leverage trading Bitcoin, you can go through our Margin Trading Guide to learn more about it. You can also check our list of top crypto exchanges to choose the platform that best suits your needs.
Copy Trading With PrimeXBT
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” with our link.
Claim up to $7000 in Bonus