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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the previous resistance at $65,300 and is retesting it to flip into support. BTC did manage to break above this level today but faced rejection around the $66,300 mark on the smaller timeframes. As discussed in our previous analysis, the successful retest of this level could also result in a breakout. Let’s take a look at what we can expect from Bitcoin in the coming hours.
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Analyzing the Charts for Immediate Short Term
On the shorter timeframes the most important level we are watching right now is the $65,300 mark. As long as we are trading above it we are extremely bullish on Bitcoin in the shorter term. Once we bounce off this level we can expect to break the resistance at $66,300. The level we will be eyeing next is the $68,500 mark.
On the other hand we will also be watching the $63,400 mark in the short term as it will act as our next support. If the selling pressure increases in coming hours and we do see the price drop below $65,300 we can come to retest $63,400.
Currently the momentum seems bullish and the bearish scenario is unlikely to happen. However, we will still wait for a retest confirmation before entering a trade here.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is trading around the $65,300 mark for a while now and we can expect a move towards the upside soon. In the midterm, we are still targeting new all-time highs for Bitcoin and are quite bullish on it. The $70,000 mark is imminent in coming weeks (or even days). However, we will still be trading Bitcoin with caution and would play the levels appropriately.
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