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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below the $23,000 mark and seems to be heading towards a correction on the lower timeframes. The price has not moved much in the past couple of weeks and has been going back and forth between the $24,000 and the $22,400 mark. The support level we are currently eyeing for BTC is also the $22,400 mark. Breaking below this level could break the trend temporarily, and we could see some correction on the lower timeframes. Let’s take a quick look at the Bitcoin Daily (07-Feb-2023) Price Prediction to see where the price could be headed next in the short term.
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Analyzing the 1-Day Timeframe
If we take a look at the latest 1-day charts, we can see that the price is trading back below the resistance it was facing, around $23,200.
The support level we are currently watching for Bitcoin is the $22,400 mark. If the price fails to get above $23,200 and also fails to hold $22,400, we can expect some correction for BTC. The next level we will be eyeing for Bitcoin is the $21,400 mark.
The $21,400 mark has significance because it was the previous resistance BTC was facing before the last breakout. It is likely that the price will bounce from this region.
On the other hand, the bullish target we need Bitcoin to conquer is the $25,000 mark. It is also the region where Bitcoin faced major rejection in August last month. Breaking above it could be an extremely bullish sign for the crypto giant.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading within the same zone it has been respecting for the past couple of weeks. It is likely that the price will break below $22,400 in the immediate short term, and we will see some correction for BTC. The next level we will be eyeing is the $21,400 mark which is a major support level. We will also be interested in accumulating more Bitcoin if the price bounces off this level with decent volume.
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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