How is Bitcoin (BTC) Looking Today?

Bitcoin is currently trading around the $16,700 mark and is still moving sideways on the lower timeframe. We have now entered 2023, but there has not been a significant change in BTC’s price movement. Right now, we can see that the price is still in the consolidation zone BTC has been respecting for the past few weeks. However, it seems likely that the new year will have an effect, and we will see the price flow in the short term. The resistance to watch for Bitcoin is still at the $17,000 mark, and we might soon see BTC challenge it once again. Let’s take a look at the Bitcoin Price Prediction Daily (02-Jan-2023) to see where the price is headed next in the short term.

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Analyzing the Charts

If we take a look at the latest 1-hour charts for Bitcoin, we can notice that the price is slowly heading toward the resistance at the $17,000 mark. It is the area that has kept the price low, and it will be interesting to see how BTC will react to it this time.

The trading volume remains low, and there does not seem to be any buying or selling pressure currently. Once the volume starts to flow, we can expect a significant move from Bitcoin in the immediate short term.

The next level we will be eyeing after the $17,000 mark is the immediate next resistance at $17,400. Once the price starts to gain momentum, the main region Bitcoin will need to flip is the zone above $18,000.

Conclusion: What is Next for Bitcoin (BTC)

Bitcoin is still trading within the consolidation zone and has not gained any momentum as we walk into 2023. The trading volume is still the same, and there haven’t been any significant changes since our previous analysis. However, we can expect Bitcoin to make a move soon as the volume is likely to flow after the holidays. Right now, we will not be placing any short-term trade and will wait for a retest of the $17,000 mark.

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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