How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading slightly above the $18,000 mark and is looking quite bullish in the immediate short term. The price has started gaining momentum on the lower timeframes, and the crypto markets seem to be moving again. Since BTC broke above $17,400 a couple of days back, the price has been forming green candles consistently. Right now, BTC is trading above a crucial resistance level, and if it manages to flip the $18,000 mark into support, we might see the price pull up once again. We will also likely see some volatility in the next few hours as the CPI report is out, and inflation has gone to 6.5%. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the coming days.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can notice that the price has already closed multiple 4-hour candles above $18,000. The price is currently looking bullish, but a rejection around this region is still in play.
The current resistance level we will be eyeing for Bitcoin in the immediate short-term is the $18,400 mark.
We are also watching the $18,600 mark in the short term, as it was the previous bottom for Bitcoin. If Bitcoin does jump and retests $18,600, breaking above $18,400, rejection is likely.
If the bullishness continues in the coming hours, our next bullish target will be around the $18,600 mark.
On the other hand, if the price drops below $18,600, a drop to $17,400 is highly likely in the immediate short term.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading above the $18,000 mark and is looking quite bullish on the lower timeframes. The market is green at the moment and is expected to go higher. However, there is still uncertainty around BTC with the CPI data release, and a correction is also on the cards. Right now, we will not be placing any short-term trade on Bitcoin and will be waiting for it to show another indicator.
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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