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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $20,800 mark and is still going sideways on the lower timeframes. The price has been consolidating between $21,500 and $20,500 for the past few days and has not made any significant moves this week. We did see Bitcoin make a wick down to $20,400 a couple of days ago, but the price recovered within minutes Right now, we are closely eyeing the resistance at $21,500 and it will be interesting to see how the price reacts to it this time. Let’s take a quick look at the latest Bitcoin Daily (20-Jan-2023) Price Prediction to see where the price could be headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, the first thing we can notice is that the price has tried to break above $21,500 multiple times and has failed every time.
We can see that the price is heading to retest the resistance once again and rejection here could be a bearish sign for BTC. If the price fails to hold $20,500 in the immediate short-term, the next level we will be eyeing for BTC is $19,000.
On the other hand, if Bitcoin manages to break above $21,500 convincingly in the immediate short term, we can expect the bullish momentum to continue. The next target we will be aiming in that scenario will be the $22,600 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has not made any significant moves this week and is moving sideways on the lower timeframes. The $21,500 mark is the resistance we are watching closely at the moment, and it will be interesting to see how the price will react on the reset. If BTC does face strong rejection here, we will consider shorting the price from this level. However, if volume starts to flow, we can also expect the price to break above $21,500.
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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