How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below the resistance at $28,600 and is still consolidating on the lower timeframes. As highlighted in our previous analyses, the price has been trading within the same zone for weeks now, and the bulls have been unable to break above the resistance due to low volume. The price has tested the resistance at $28,600 multiple times but has been unable to get above it and close daily candles. Right now, the price is trying to break above the resistance once again and is struggling. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (05-Apr-2023) to see where the price could be headed in the immediate short term.
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Analyzing the Charts
If we take a look at the 1-hour charts for Bitcoin, the first thing we can notice is that the price is still respecting the new support at $27,600.
As highlighted in our previous analyses, staying above this support indicates that the bulls are still in control and are trying to push the price up. If Bitcoin successfully breaks out here on an hourly timeframe, the first resistance we will be eyeing is the $30,000 mark.
The $30,000 mark is a significant level for Bitcoin as it has acted as both resistance and support in the past. Bitcoin will likely face resistance or even rejection here if we see a breakout in the short term.
On the other hand, if BTC fails to break above $28,600 once again and this time falls below $27,600 as well, it will retest the support at $26,800.
If that happens, it is also possible that Bitcoin will finally break below the consolidation zone, and we will see it retest the $25,000 mark once again.
Conclusion: Final Verdict on Bitcoin (BTC)?
Bitcoin is currently trading within the same consolidation zone it has been respecting for weeks and could go either way in the immediate short term. Right now, we are observing the price closely and will be taking a trade only when the price reacts to the mentioned levels above. It is possible that we will see a rejection here in the coming hours, and BTC will move downwards. However, a test of the $30,000 mark is also very much on the cards.
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.