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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $66,000 mark and is looking quite bullish in the immediate short term. We witnessed BTC moving in a consolidation zone over the past couple of days but now it’s finally breaking out of it. The $65,400 level was acting as a short-term resistance and kept the price low for a couple of days. Now we have finally broken out of that resistance and are likely to flip it into our new support.
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Analyzing the Charts
The first level we are currently watching for Bitcoin in the immediate short term is the resistance at $66,300. It is the level that acted as support when BTC put a new all-time high. Once we get above this resistance we can expect another breakout for Bitcoin.
We can also observe that this Bitcoin price action has started to form a bull flag pattern and a breakout is around the corner.
Once we break out of this pattern and the resistance at $66,300, we can expect to retest the $68,500 mark which is just below the all-time high.
On the other hand, if we fail to flip $65,400 into support on the retest and break below it then the level we would be watching is the $63,800 mark. It is a region that has acted as support previously and we are likely to hold it again. However, a move towards the downside seems unlikely at the moment. BTC is looking quite bullish and we can expect to retest the previous all-time high soon.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is looking excellent at the moment and is moving with nice bullish momentum. As mentioned in our previous analyses, we are still extremely bullish on Bitcoin in the long term and are expecting it to conqueror some big targets in the coming weeks. We still believe that this is not the market cycle top and BTC still has plenty of potential.
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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