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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $51,000 mark and is looking quite bullish in the immediate short term. It has finally broken above the $49,200 mark and has moved out of the consolidation zone it was respecting for quite a while. Right now, the momentum seems to be on the bullish side as BTC is now forming higher highs on the lower timeframes as well. Let’s take another look at the Bitcoin charts to see what we can expect from the crypto giant in the immediate short term.
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Analyzing the Charts
If we take a look at the 1-hour charts, we can see that Bitcoin has clearly broken above the previous resistance and is looking quite bullish at the moment. The next resistance level we are watching for BTC in the immediate short term is the $52,000 mark.
The $52,000 mark is an important level that has acted as resistance in the past as well. We also saw a huge price breakout last time Bitcoin flipped this level. That’s is why it is likely we will face some resistance here.
On the other hand, the level we will be targeting for this breakout is the region around $54,000. It is another level that has acted as a major support in the past and the price will face resistance in this region.
These are the horizontal levels we will be watching for Bitcoin in the immediate short term. The current momentum is bullish, and we are likely to reach this target in the coming days.
Also, we can clearly see that Bitcoin is forming a potential bull-flag on the 15-minutes timeframe which is also a good sign for the price.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is looking quite bullish at the moment, and we can expect it to go higher in the coming days. BTC has broken above a crucial resistance level and the momentum is also on its side. We are quite bullish on Bitcoin at the moment but would still be trading with caution over the weekend. In the long term, we are expecting a new all-time high for Bitcoin in this cycle.
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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