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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $22,800 mark and has been going sideways on the lower timeframes. The price has not moved too much in the past couple of weeks, and Bitcoin has been consolidating between the $22,500 and $24,000 mark. However, on the 1-hour timeframe, we can notice that the price has dropped below the support level we were watching previously. The price is now trading below the $23,200 mark and could drop further in the immediate short term. Let’s take a quick look at the Bitcoin Price Prediction Daily (06-Feb-2023) to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
The support level we are currently watching for Bitcoin is the $22,400 mark. It is the area that has acted as support throughout this consolidation stage, and we can expect it to hold nice in the immediate short-term.
However, if the price fails to hold this level in the immediate short term, we can expect some correction for Bitcoin. The $22,400 mark is the bottom of this consolidation zone, and breaking below it could send it all the way down to $21,400.
The $21,400 mark is the resistance Bitcoin was facing before the recent breakout. If the price drops to $21,400, it will also be a positive sign for Bitcoin, as the price has not corrected in over a month.
On the other hand, if the price bounces back from $22,400 nicely and tries to break above $24,000, the bullish target we will be eyeing for BTC is still the $25,000 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below the support at $23,200 and could make a corrective move in the short term. As mentioned earlier, the price has been moving in a strong uptrend for over a month now, and a correction here is likely. The level we are currently eyeing for Bitcoin is the $21,400 mark. If the price drops to this zone and bounces nicely, we will be interested in accumulating more Bitcoin in the short term.
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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