How is Bitcoin (BTC) Looking Today?
Bitcoin is still trading below the $28,500 mark and is going sideways on the lower timeframes. The price has been consolidating below this resistance for weeks now and hasn’t made any significant moves lately. The price was previously consolidating between $28,500 and $26,800, but for the last few days, BTC has also found some support around the $27,600 mark. The price is being squeezed a little, and we are hoping for a small breakout for Bitcoin in the near future. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (04-Apr-2023) to see where the price is headed in the coming days.
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Analyzing the Daily Charts
If we take a look at the latest 1-day charts for Bitcoin, we can notice that the price has been consolidating above $26,700 for almost three weeks now.
We can also notice that the price is still showing a bull flag formation that could play out in the coming days.
If that does happen, our breakout target will be around the $32K region. However, it is likely that Bitcoin will face resistance around the $30,000 mark. It is a strong area that has acted as both support and resistance in the past.
On the other hand, if BTC breaks below $27,600 on lower timeframes and retests $26,800 again, it is likely that we will see some correction for the crypto giant. The next area we will be eyeing in that scenario is the $25,000 mark.
The $25,000 mark has significance because it has acted as both resistance and support in the past. A correction toward this support will be an ideal move for Bitcoin.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading in the same zone as before and is still consolidating on the 1-day timeframe. The price has been struggling to move out of this region for weeks now, and we can expect a significant move soon. Right now, we will not be placing any trade on BTC in the short term as the volume is quite low. We will be observing the price closely and will wait for a reaction to make our next move.
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.