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How is Bitcoin (BTC) Doing Today?
Bitcoin is currently trading just below the $23,800 mark and is still going sideways on the lower timeframes. As highlighted in our previous analysis, the price is currently consolidating above the support at $22,800 and is trying to regain momentum by breaking above the $23,800 mark. Once the price manages to get above this level, it is likely BTC will start gaining momentum slowly, and we will see another retest of the major resistance at $25,000. Let’s take a quick look at the Bitcoin Price Prediction Daily (02-Mar-2023) to see where the price could be headed in the coming weeks.
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Analyzing the 1-week Timeframe
If we take a quick look at the weekly charts for Bitcoin, the first thing we can notice is that the price is retesting the major resistance at $25,000.
The $25K zone is a crucial level, as BTC rejected this mark in the August of 2022 and continued to move in a strong downtrend for months. Now the price seems to be retesting this level, and breaking above it could be extremely bullish.
The next area we will be targeting in that scenario is the $28,600 mark. It is an area that has held as support in the past, and we can expect it to act as a resistance this time.
On the other hand, if the price rejects this level again, BTC will end up forming a double-top pattern. A double-top pattern is a bearish pattern; if it plays out, we will see a trend reversal again.
If the structure does play out the major support, we would like Bitcoin to hold the $18,000 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below the $23,800 mark and is still moving sideways on the lower timeframes. The major level we are eyeing is the $25,000 mark, as this region has acted as strong resistance in the past as well. Right now, we will be observing this region closely and will wait for the price to react to it on the weekly timeframe. Closing a weekly candle above $25K will be a strong bullish sign for Bitcoin.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $23,000 mark and is trying to break above a crucial resistance level. The price is currently consolidating on lower timeframes and could go either way in the immediate short term. Right now, we will not be placing any trades on Bitcoin and will monitor the price closely. Currently, both bullish and bearish scenario looks possible.
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.
