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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just near the support at $63,700 and is looking a bit bearish in the short term. As mentioned in our previous analysis, Bitcoin has been moving sideways since yesterday and is facing resistance at the $65,400 mark. The price was moving just below this resistance and has now finally come to retest the support at $63,700. Let’s take a look at what we can expect from BTC in the short term.
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Analyzing the Charts
Bitcoin is currently trading above a crucial support level and we have our eyes on that mark for the immediate short term. The $63,700 mark is an important level and we have talked about it in our previous analyses as well. It was a major resistance previously and now we have flipped it into support. As long as we are trading above it, we are bullish on Bitcoin in the immediate short term.
However, we will also have our eye on the $62,700 mark because if we lose this support we can expect to hold that area. It is also likely that if we drop to $62,800 we might retest $60,000 after some consolidation.
On the other hand, if we see a nice bounce back from $63,700, the resistance level we would be looking at is the $66,300 region. Once we get above that we will be retesting the all-time high real soon.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently at a crucial support level and we will not be trading it in the short term. Right now we will be watching BTC during the weekend and will see whether it holds the support at $63,700 or not. If we see a nice bounce back from this level with decent volume only then we will be interested in longing Bitcoin for the short term.
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