How is Bitcoin (BTC) Looking Today?

Bitcoin’s current market value is roughly $23,700, and it’s been moving sideways on lower timeframes since last Friday. As previously noted, BTC is struggling to gain momentum on these lower timeframes, and it’s currently trading below a key support level at $23,800. This level has now become a resistance level, making it essential for Bitcoin to surpass it in the short term to continue its upward trend in the coming days. However, if Bitcoin continues to experience multiple rejections around $23,800, it could be a signal of a trend reversal, and we might expect a correction soon. Let’s take a quick look at the Bitcoin Price Prediction Daily (01-Mar-2023) to see where the price could be headed next in the short term.

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Analyzing the Hourly Charts

If we look at the latest 1-hour charts for Bitcoin, we can first notice that the price has bounced nicely from the $22,800 mark.

The $22,800 region is an important zone as it is the area where we saw the volume spike last time. BTC also must hold this level in the short term, as breaking below it could trigger a sell-off.

If the price holds this level strongly and manages to get above $23,800, then the next level we will be targeting is the $25,000 mark.

The $25,000 mark is a strong resistance level, and Bitcoin has not been able to break above it since August last year. If the price manages to get above this mark, buying pressure will increase, and we could see another breakout for BTC.

On the other hand, if Bitcoin breaks below $22,800, the bulls might lose some control, and a sell-off is highly likely. The support will like BTC to hold in that scenario will be the $21,500 mark.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading just below the $23,800 mark and is trying to break above this resistance on the lower timeframes. The price has not moved much in the past week, and the bulls are trying to sustain the momentum BTC has been carrying for the past couple of months. If the price manages to break above $23,800 with healthy volume, it is likely Bitcoin will also get above $25,000. In that scenario, we will be extremely bullish on Bitcoin.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading around the $23,000 mark and is trying to break above a crucial resistance level. The price is currently consolidating on lower timeframes and could go either way in the immediate short term. Right now, we will not be placing any trades on Bitcoin and will monitor the price closely. Currently, both bullish and bearish scenario looks possible.

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.