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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $22,300 mark and is looking bearish in the immediate short term. The price is now trading below the support at $22,800, and the bears have started gaining some control over the lower timeframes. As highlighted in our previous analyses, the $22,800 mark was a crucial support level, and it was vital for BTC to bounce back from this region in order to sustain the momentum. If the price remains below this level in the coming days, it is likely we will see some correction for BTC in the short term. Let’s take a quick look at the Bitcoin Price Prediction Daily (03-Mar-2023) to see where the price could be headed next in the short term.
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Analyzing the Charts
The level we are currently watching for Bitcoin on the lower timeframes is still the $22,600 mark. It is crucial for the price to get above this level once again, or the bulls won’t be able to sustain the momentum they have been carrying for the past two months. Once the price gets above this level again, a retest of or even break of the $23,800 mark is highly likely.
On the other hand, if BTC retests the $22,800 mark and fails to break above it, we can expect the price to drop further. The current support BTC is holding is the $22,000 mark, and if the price falls below it. We can expect Bitcoin to visit the major support at $21,500.
The $21,500 mark has significance because it is a major level that has acted as both support and resistance in the past. The bulls should be able to hold this level nicely in case of a retest.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $22,300 mark and is looking bearish on the lower timeframes. It is likely that the price will fall further in the immediate short term, and we will see Bitcoin retest the $21,500 mark. In order to regain momentum, BTC will need to get back above $22,800, and that is not looking possible at the moment. Right now, we will not be placing any short-term trades on BTC and will wait for it to touch the $21,500 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.