How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below $23,000 and is currently moving sideways on the lower timeframes. As mentioned in our previous analysis, BTC has been moving in a strong uptrend since the first week of January, and the price has been climbing steadily. Right now, Bitcoin is facing resistance around the $23,300 mark, and once the price gets above it successfully, we will be reaching higher targets. However, we can also expect some correction in the short term as there hasn’t been much downside movement throughout the month. Let’s take a quick look at the latest Bitcoin Daily (31-Jan-2023) Price Prediction to see where the price could be headed in the coming days.
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Analyzing the 1-Day Timeframe
If we take a look at the latest 1-day charts for Bitcoin, the first thing we can notice is that the price is still in a strong up-trend.
Another thing we can notice is that Bitcoin has broken above two resistance levels this month, where it previously faced strong rejection. That is a good sign for the bulls as it shows the strength of the momentum.
The next resistance we would like Bitcoin to break above is the $25,000 mark. It is also an area where Bitcoin has faced strong rejection in the past. It will be interesting to see how the price will react to this level in the coming days.
Meanwhile, the support level we would like Bitcoin to hold in the immediate short term is the $22,600 mark. If the price breaks below this level, we can expect some correction in the coming days.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $23,000 mark and is still looking bullish on most timeframes. However, it is also likely that we can see some correction in the coming days. BTC could take a breather here before making another significant move towards the upside. The retest of the $25,000 mark is also possible in the immediate short-term, and a rejection there is likely. At the moment, we will not be placing any short-term trades on BTC.
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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