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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $64,500 mark and has been going sideways for the past 24 hours. Sideways movement means that there is no immediate buying or selling pressure and we can also continue this trend on the weekend. As long as BTC is trading above the $63,700 mark we are still bullish on Bitcoin in the immediate short term.
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Analyzing the Charts
Bitcoin has not moved much in the past 24 hours and is moving between the $64,000 and $65,000 levels. The support level we are currently watching for Bitcoin is the $63,700 mark and as long as we hold it we can expect a big move in the coming days. Bitcoin has had a minor correction and it is only healthy for the price action.
On the other hand, the resistance we need to get above is around the $66,300 mark. Once we break above it we can expect to retest the all-time high.
On even shorter timeframes we are also facing minor resistance around the $65,500 mark.
Breaking above this resistance would be our first indication that we will retest the $66,300. It is likely we will break that resistance as well once we get above $65,500.
However, if we retest $63,700 and fail to hold it the next support level we will be watching for Bitcoin is the major support at $60,000.
The $60,000 level is major support and if we fall to that level we can expect a strong bounce back.
Conclusion: Is Bitcoin (BTC) Still Bullish?
Bitcoin might be consolidating at the moment but it is still in an uptrend and is looking quite bullish. Right now BTC just needs to hold the $63,700 level and will continue towards the $70,000 mark soon. Even if we see a further correction for Bitcoin in the coming days we would still be bullish in the long term. Corrections are healthy for price action and make for a steady uptrend.
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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