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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the resistance at $60,000 and is trying to gain bullish momentum on the shorter timeframes. As mentioned in our previous analysis, BTC was bound to retest the $60,000 mark after falling below it. Now, we will wait and see whether it rejects this level or breaks above it convincingly to continue the uptrend.
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Analyzing the Charts
On the 1-hour charts, we can see that Bitcoin is trying to break above the resistance at $60,000. We are currently trading just above this level and must hold it for the coming hours to establish it as support again.
Once we reclaim this support the next level we will be eyeing for Bitcoin is the $63,600 mark. It is a region that has been keeping the price low for several days and we need to get above it to retest our previous all-time high once again.
To flip the $60,000 level into support again we must close a couple of 4-hour candles above the resistance zone.
On the other hand, if we fail to stay above $60,000 in the coming hours, we will be headed towards the $57,900 region. It could also trigger a sell-off and we could see an extended sell-off towards the $56,300 mark.
These are our expected scenarios for Bitcoin and if we see any confirmations for these levels, we will be trading Bitcoin accordingly.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
As of now Bitcoin is trading above the $60,000 mark and is showing some bullish signs. We would not consider Bitcoin bullish in the short term until we break above the $60,000 level convincingly. If we do close at least two 4-hour candles above this level we would see it as a nice opportunity to buy more Bitcoin. However, if it falls below our crucial level we will also be interested in shorting BTC in the short term.
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