How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below $23,500 and has not made any significant moves in the past few days. The price has been moving in a strong bullish trend since the beginning of January and seems to be taking a breather now. Right now, the target we are eyeing for BTC is the $25,000 mark. If the bulls manage to sustain the momentum in the short term, we can expect a jump towards our target soon. The uptrend is intact, and most people are still bullish on Bitcoin. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (03-Feb-2023) to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 4-hour charts, we can notice that the price is currently facing resistance around the $23,900 mark.
BTC has tried to break above this resistance multiple times in the past few days but has struggled to close candles above it. If the price continues to face rejection here, we can expect a retest of the support at $22,500.
On the other hand, the price could also break out in the immediate short term as the uptrend is still strong. It is possible that we can see some consolidation over the weekend, but a jump towards the $25,000 mark is also likely.
However, a rejection is highly likely once the price reaches the $25,000 region. It is also possible that Bitcoin will correct after reaching the $25K mark. It is a resistance level that kept the price down last year as well, and the bulls will not be able to break above it easily.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still trading around the $23,500 mark and has not moved much in the past few days. The price is still looking bullish and will likely touch the $25,000 mark in the short term. However, if Bitcoin does reach the $25K region, we will also be interested in shorting it from there. A correction is likely once the price hits this level.
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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