Bitcoin (BTC) Price Analysis – Price Breaking Down?

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just above $61,600 and is retesting this crucial support level once again. The price has been moving between $60,000 and $64,000 for the past few days and we have not seen any major moves from BTC recently. Currently, the resistance level we are watching for Bitcoin is the $64,200 mark where it faced rejection quite recently.

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Analyzing the Charts

If we take a look at the charts we can observe that right now price is coming to retest the crucial support around $61,600. As long as we are holding this support we can expect a nice bounce back to challenge the resistance at $64,200 once again.

Once we get above this resistance level the next target for Bitcoin would be its all-time high just a fraction below $67,000.

On the other hand, if we fail to hold the support at $61,600 and close a couple of 1-hour candles below it we can expect further correction for Bitcoin.

In this scenario, the level we will be watching is the $60,000 mark which is major support. It is a level that BTC Is likely to hold as it has done several times in the past.

On the 4-hour bitcoin charts, we are still looking bullish as we are holding above the falling channel nicely. Once we bounce back from this we can expect another spike in price.

Conclusion: What is Next for Bitcoin (BTC)?

We are seeing a minor sell-off for Bitcoin right now but the trend is still bullish and we expect Bitcoin to rise in the coming days. Right now we will be looking at the $61,600 level and if we bounce off it nicely we would be interested in longing Bitcoin. However, if we break below it we will wait and watch the price action before making any trades.

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